Alternative medicine platform Welcome Cure has raise $6 million in a round of pre-series A funding, of which $5 million came from an unnamed Indian media house and $1 million from unnamed high net-worth individuals. The platform will use 10 percent of the funding for developing tech, 20-25 percent for talent and doctor acquisition and the rest on marketing and user acquisition.
Speaking to Medianama the company mentioned that it currently had over a 100 expert doctors on a revenue sharing basis that write prescriptions, with less experienced doctors employed on a full time payroll to answer any questions.
As of now Welcome Cure offers all kinds of homeopathic treatments on its platform, which it claims to deliver all across the world. Users first need to sign up on the platform post which they can enter the health problems they have. Users then need to select a paid health plan, which costs Rs 3,500 for 3 months to Rs 16,000 for 24 months. The company offers additional plans in tiers of 6 months, 9 months and 12 months, as well as alternatively priced plans for regions other than India.
According to the company, on selecting a health plan, the user is directed to a homeopathy expert who sets up the prescription, after which the relevant medicines are mailed to the user. The platform also provides users with live chat, Skype, telephonic and email interactions with real doctors.
Other than this, Welcome Cure also provides users with case histories and medical reports that are digitized with free lifetime storage. The company also claims to provide reminder and trackers, health tips, diet plans and facts as additional features for the user. Launched in November last year, the company claims to have over 4,000 users on its platform with a 69 percent repeat rate.
Developments in the online health space: There are a number of other web and mobile-based doctor discovery and appointment booking platforms, however, most of these are aggregators where users get to pick their doctors, rather than offering an end-to-end (alternate) medical solution.
– Last month, doctor discovery platform Practo acquired its fourth company this year: Qikwell for an undisclosed amount. Prior to this Practo acquired Insta Health Solutions, the Mumbai based product and development firm Genii for an undisclosed sum in July and the digital fitness solution FitHo to start offering preventive healthcare solutions to its users in April. The platform had raised $90 million from Tencent, Sofina, Sequoia and others in August.
– In July, online pharmacy marketplace 1mg (formerly HealthKartPlus) launched a doctor discovery and appointment booking Android app called Doctors by 1mg. In June, 1mg acquired the alternate medicine website Homeobuy for an undisclosed amount. Post acquisition, Homeobuy was rebranded to 1mgAyush and was to sell homeopathic and ayurvedic medicines to customers in New Delhi.
– In July, doctor directory and clinic management system Lybrate raised $10.2 million in a series A round of funding from Tiger Global Management, Ratan Tata and existing investor Nexus Venture Partners. The company had previously raised $1.23 million in funding from Nexus Venture Partners in August last year.
– Last year, directory services company Justdial had revealed that it had developed a new vendor application targeted at doctors that would allow doctors to schedule appointments with their patients as well as save patient records on the cloud. Using this app, doctors would be able to save patient’s basic information, patient symptoms, prescribed medications and family medical history among others. JustDial had rolled out doctor appointments on its site in 2013 as part of its transition to a services-focused transaction platform.
– In September last year, healthcare services company DocSuggest expanded beyond doctor appointment service to a health and personal care search and appointments service called Ziffi. Post the rebranding, the company has also raised Rs 15 crore Series A investment from Orios Venture Partners. DocSuggest had also raised an undisclosed amount from Google India MD Rajan Anandan and other existing investors in April 2013.
– Delhi-based healthcare venture HelpingDoc had raised Rs 10 crore funding from Singapore-based Senior Marketing Systems (SMS). The company had said then, it would aim to enroll over 20,000 doctors in the next two years.