Halodoc raises $100m series D in Astra-led round
Indonesian health tech firm Halodoc has successfully raised $100 million in a Series D funding round. Astra Digital, a subsidiary of diversified conglomerate Astra International, spearheaded the funding, with participation from Openspace and Novo Holdings.
Established in 2016, Halodoc offers comprehensive online health services. These encompass telemedicine, medication orders, lab test arrangements, doctor appointment scheduling, third-party health insurance procurement, and convenient at-home health testing. The platform facilitates connections between patients and over 20,000 medical professionals, 3,300 hospitals, and 4,900 pharmacies.
More than 20 million users access Halodoc on iOS and Android mobile devices, giving it a significant reach.
Source Halodoc
Indonesian Telemedicine Boom and Astras Investment
Halodoc and its investors are seizing the rising demand for virtual health services. In 2022, the Indonesian Telemedicine Alliances data revealed that 19 telemedicine companies conducted 17.9 million health consultations. Djony Bunarto Tjondro, the President and Director of Astra International, envisions long-term growth in this sector. He points to the government’s push for advancing the health service industry and promising prospects.
Djony Bunarto Tjondro, Astra’s President Director, envisions robust, long-term growth in this sector. He points out the government’s drive to advance the health service industry and the positive outlook.
“We hope that Astra’s investment in Halodoc can accelerate the transformation of health services in Indonesia which are increasingly innovative, accessible and providing quality service” said, Djony Bunarto Tjondro, president director of Astra.
Statista predicts that the digital health market in Indonesia will reach a value of $3.96 billion by 2027, with a strong 13.6% compound annual growth rate.
In the latter part of last year, Tech in Asia released a report indicating that the platform had made available a minimum of 11 drugs, such as those for erectile dysfunction and antipsychotic medication. This occurred despite the Indonesian Food and drug monitoring agency (BPOM) imposing a ban on their online sale.
Although the company had asserted its non-involvement in directly vending the medicines, BPOM held the stance that electronic pharmaceutical system operators like Halodoc bore responsibility for facilitating the sale of prohibited drugs on their platforms.
