Indonesian Teledoctor Startup Halodoc Raises $80M
Featured stories this week include: Indonesian Edtech CoLearn Secures $10M Series A; Qapita Raises $5M in Pre Series A Round Led by MassMutual Ventures; and BPI Eyes Acquiring Citi's Philippine Retail Business.
Indonesian Teledoctor Halodoc Raises $80M
Halodoc, one of Indonesia's largest health-tech startups, has received funding totaling $80 million from new investors including Indonesian conglomerate Astra International and Singapore's state investor Temasek.
Nikkei Asia reports that Astra's venture capital arm Astra Digital Internasional led the startup's Series C funding round. In a separate release on its first-quarter financial results, the firm announced that it had invested around $35 million in Halodoc.
Founded in 2016, the company offers teleconsultation with doctors and an online drug delivery service on its app. Since the outbreak of the coronavirus pandemic, it has also started to offer a platform to help patients book COVID-19 tests and hospital appointments. The company says it has 20 million monthly active users and more than 20,000 registered doctors.
Indonesia's sparse island geography makes it difficult for many people- especially in rural areas- to gain access to health care, and doctors are in short supply. According to the World Health Organization, Indonesia had 4.65 medical doctors per 10,000 people in 2019: a figure far lower than regional peers such as Thailand, which had 9.19 doctors per 10,000.
Halodoc’s competitors include Alodokter (backed by SoftBank Ventures Asia, the venture capital arm of Japan's SoftBank Group) and Singapore’s Doctor Anywhere (backed by Malaysian hospital operator IHH Healthcare).
Indonesian Edtech CoLearn Secures $10M Series A
Indonesian startup CoLearn announced it has raised $10 million in Series A funding co-led by Alpha Wave Incubation and edtech-focused GSV Ventures: marking the first time both firms have invested in Indonesia. The round also included participation from returning investors Sequoia Capital, India’s Surge, and AC Ventures.
Tech Crunch reports that one of the Jakarta-based company’s goals is to improve educational standards in Indonesia. The country’s PISA (Programme for International Student Assessment, a global ranking system created by the Organisation for Economic Co-operation and Development) rankings are in the bottom 10% for math, science, and reading. CoLearn’s goal is to help move up Indonesia’s PISA ratings to the top 50% over the next five years.
CoLearn has since been downloaded more than 3.5 million times and has about one million active users, mostly students in grades 7 to 12. The app offers more than 250,000 pre-recorded videos with homework help. The videos serve as a hook to convince students (or their parents) to sign up for CoLearn’s live online classes.
CoLearn’s users ask about 5 million questions through the app each month. Its AI platform matches them with video tutorials, recorded by more than 400 tutors, that break down key concepts. Saboo said creating engaging videos instead of presenting solutions in a diagram is one of the ways CoLearn differentiates from competitors like SnapAsk, which raised $35 million last year to expand in Southeast Asia.
“What we realized is that kids are really craving a step-by-step explanation and this is the TikTok generation, so if a picture says a thousand words, then a video says a million,” he said, adding that students often hit pause on the video when they think they have the answer to a question, before skipping to the end to see if they got it right, indicating that they want to understand concepts instead of simply getting a solution.
Qapita Raises $5M in Pre Series A Round Led by MassMutual Ventures
Provider equity management SaaS solutions company Qapita announced that it raised a $5 million Pre-Series A round led by MassMutual Ventures. Hyderabad-based venture capital firm Endiya Partners and India-based angel investors including Anjali Bansal (Founder of Avaana Capital), Sujeet Kumar (Co-Founder of Udaan), and CEO of an India-based decacorn also invested in this round.
Business Standard reports that the Pre-Series A fundraise follows closely on the heels of its Seed Round led by Vulcan Capital and East Ventures in September 2020. Apart from Vulcan Capital and East Ventures, most existing angel investors including Koh Boon Hwee, Atin Kukreja, Alto Partners, Mission Holdings, Northstar Group Partners (Patrick Walujo) & K3 ventures also participated in this round.
Founded in September 2019, Qapita helps private companies and startups record and manage capitalization tables (cap tables) and employee stock ownership plans (ESOPs). Qapita also aims to digitize the issuance of equity awards and shares.
The new funding will be used to expand the company’s engineering talent, accelerate product development and build clientele in India, Indonesia, and Singapore.
BPI Eyes Acquiring Citi's Philippine Retail Business
Ayala-led Bank of the Philippine Islands (BPI) is looking at acquiring Citi's retail business, as the foreign bank announced its exit from the Philippines.
"We have always been admirers of Citi's retail business. It is an excellent franchise, and for the longest time, we have always looked at it, but we never believed Citibank would give up on the Philippines[...] As soon as there is any information, we will take a look at it and most likely, we will be interested." Limcaoco said.
BPI Executive Vice President Marie Josephine Ocampo noted that Citi's portfolio quality, talent, and technology would mesh well with BPI's retail business; noting that Citi is currently 3rd or 4th in the credit card business in the country.
"Adding this (Citi's) portfolio to BPI's, we will almost double the BPI business," Ocampo said.
Limcaoco said that once BPI sees Citi's plans, they may likely fund it internally, citing the bank's adequate capital ratios.
On April 15, American-led Citigroup announced that it is bowing out from the Philippines and 12 other markets, due to lower card revenues and lower deposit spreads.