INDIA — Digital healthcare platform MediBuddy has finally concluded its merger with DocsApp, a doctor consultation platform.
They announced the merger in June 2020 in a cash-and-stock deal, wherein the companies had agreed to continue existing independently.
A complete merger with MediBuddy will pave the way for a single umbrella entity with end-to-end healthcare services.
MediBuddy aims to facilitate a smooth transition for all DocsApp subscribers and offer them access to a broader range of high-quality healthcare services and features, the company stated in a statement.
The two companies announced the merger in 2020 and have been operating under the parent company, Phasorz Technologies till now.
The deal will likely enable the combined entity to strengthen its network of doctors and develop core technology products and services to boost its offerings.
MediBuddy, which was founded in 2000, allows users to book lab tests, consult doctors, and order medications through its platform.
The company claims to have the country’s largest healthcare network, with 90,000 doctors, 7,000 hospitals, and 3,000 diagnostic centers.
MediBuddy’s partner network also includes over 2,500 pharmacies and a surgical care team of 2,400 people.
Previously, in June, MediBuddy paid an undisclosed sum for the rural India-focused online consultation platform Clinix. Quadria Capital and Lightrock India invested US$125 million in the Bengaluru-based startup in February.
MediBuddy’s primary competitors include Practo, Lybrate, mFine, Tata’s 1Mg, and Reliance-backed NedMeds, among others.
The merger was completed at a time when the overall Indian healthtech space is in turmoil. Temasek and other investors provided US$135 million in funding to the nutrition-based healthtech startup HealthKart.
PharmEasy received an undisclosed amount of debt funding from EvolutionX Debt Capital last month.
Meanwhile, layoffs in this industry continue unabated. Innovaccer, a healthtech player, laid off 120 employees in September, citing ‘adverse economic conditions,’ while MFine, another healthtech player, laid off around 75% of its total workforce, 800 people, in May.
HealthifyMe, a Bengaluru-based healthtech and fitness startup, has become the latest to lay off employees amid growing recession fears. The startup has let go of 150 employees, accounting for 15-20% of its total workforce.
The layoffs have come almost 18 months after the startup raised US$75 million in a Series C round of funding.
Back then, the round was led by LeapFrog and Khosla Ventures. HealthQuad, Unilever Ventures, and Elm, along with existing investors Chiratae Ventures, Inventus Capital, and Sistema Asia Capital, participated in the round.
To date, the startup has raised US$100 million across multiple rounds.