Healthcare startup Doceree has secured Rs 113.5 crore (approximately $13.6 million) in funding from Indian private equity firm Creaegis. This investment marks a significant milestone for Doceree, as it is the first time the company has received funding directly in its local India entity. Previously, all funding had been routed through its holding entity in the United States.
Doceree, a four-year-old startup, focuses on empowering pharmaceutical and life-sciences companies and healthcare media agencies. Its mission is to reach healthcare professionals (HCPs) through innovative solutions, ultimately improving patient health outcomes. The company operates a global network of physician-only platforms for programmatic messaging.
Series B Funding
This recent funding round adds to Doceree’s impressive track record. The company has raised over $50 million to date. Notably, its Series B round, led by Creaegis, contributed $35 million. Prior to that, Doceree secured $11 million in a Series A round led by Eight Road Ventures in 2022.
Geographical Expansion and Strategic Collaborations
In May of last year, Doceree partnered with Hello Health Group to expand its presence into eight Southeast Asian countries, including Vietnam, Indonesia, Malaysia, Cambodia, Myanmar, Singapore, the Philippines, and Taiwan. This move allowed Doceree to tap into new markets and strengthen its position in the region.
Financial Performance
According to startup data intelligence platform TheKredible, Doceree experienced a 60% surge in operating revenue, reaching Rs 26.6 crore in FY23, up from Rs 16.6 crore in FY22. Remarkably, during the same period, the company managed to keep its losses minimal, increasing only to Rs 1.53 crore from Rs 38 lakh.
Creaegis and Its Portfolio
Creaegis, the lead investor in this funding round, closed its maiden fund at approximately $426 million (Rs 3,500 crore) last year. The firm’s portfolio includes other notable companies such as Medikabazaar, Zopper, and Kale Logistics. Creaegis has also made significant investments in Third Wave Coffee and Zopper.
With this fresh infusion of capital, Doceree is well-positioned to continue its growth trajectory, expand its reach, and drive innovation in healthcare communication.
Comments