Homegrown telehealth startup Doctor Anywhere announced today (November 11) that it has acquired Thailand’s largest telemedicine platform Doctor Raksa for an undisclosed sum.
This acquisition comes hot at the heels of its recent Series C financing round at S$88 million (US$65.7 million) in August 2021, which is dubbed one of the largest private funding rounds raised by a healthtech company in Southeast Asia.
The deal will advance the company’s mission to become the most prominent tech-enabled omnichannel healthcare provider in Southeast Asia. Doctor Anywhere currently has 1.5 million active users in the region, and expects the deal to help it add another million customers to its overall user base.
Besides Singapore, Doctor Anywhere also has presence in Malaysia, Thailand, Vietnam and the Philippines. Particularly, Thailand makes up its largest pool of users after Singapore.
The merged entity boasts a combined overall network of more than 1,000 medical professionals and partners across diversified specialisations including paediatrics, cardiology, urology, gynaecology, orthopaedics and more.
Doctor Anywhere expects Thai revenue to grow more than 5x
Following the acquisition, Doctor Anywhere will become the largest telemedicine platform in Thailand and the company expects its Thai revenue to grow by more than five times in the next two years.
“Doctor Raksa is an established brand in Thailand, and the acquisition is a strategic move by Doctor Anywhere as it will enable us to combine our strengths to meet the growing demand for telehealth in Thailand,” said Lim Wai Mun, founder and CEO of Doctor Anywhere.
“For telehealth to sustain momentum beyond the pandemic, it is critical to establish a robust ecosystem where payers, providers and patients can seamlessly adopt the service. We are confident that this acquisition will equip us to strengthen our existing infrastructure and pave the way forward for a new future of telehealth in the country.”
Established in 2016, Doctor Raksa has over a million users to date. Its key offerings include online doctor consultations, electronic prescriptions, electronic medical summaries, pharmacist consultations and prescription refills.
“The regional exposure of Doctor Anywhere will bring immediate scale, strong B2B relationships and tech capabilities to Doctor Raksa. This will help us to provide an even better product offering for our patients, doctors, and employees,” said Jaren Siew, CEO of Doctor Raksa.
Ultimately, the acquisition will support Doctor Anywhere’s growth trajectory and enhance the group’s regional strategy of enabling borderless healthcare.
The respective telehealth offerings by Doctor Raksa and Doctor Anywhere will retain their existing core functions, while harnessing key resources and know-how to develop new product features for users.
In an effort to make telemedicine available to a wider audience within Thailand, Doctor Anywhere’s medication delivery services will expand to 38 provinces by the end of the first quarter of 2022.
Featured Image Credit: KRAsia