As the Chinese healthcare market continues to boom, Ping An Good Doctor, a medical service mobile app, backed by Ping An Insurance (Group), announced on Thursday a Series A funding round of a total of US$500 million.
Set up in April last year, the app has hit a reported valuation of US$3 billion, with 77 million registered users and more than 50,000 doctors, Xinhua reported.
That deal is the single largest investment in China’s online medical service platforms, as China’s medical treatment and healthcare market is likely to reach 10 trillion yuan during the 13th Five-Year Plan period by 2020, according to Chinese media.
Ping An Good Doctor did not say who led its funding round but said the investors include large central enterprises, internet companies and overseas investment funds.
This app provides free diagnosis, treatment and online appointment booking, and allows users to consult doctors through text, pictures, and video. It also contains healthcare-related articles, a microblog-style discussion forum for healthcare topics, and an online store that sells drugs, healthcare products, cosmetics, and even digital and physical gift cards for medical services such as health exams and gene testing.
It has 77 million users registered on its app and receives consultation requests from up to 250,000 users daily. The app has recruited 1,000 full-time medical professionals and partnerships with 50,000 doctors from public and private hospitals as of last month.