Indonesia’s healthtech platform Halodoc has secured an additional investment of $100 million in its Series D round, led by Indonesian conglomerate and existing investor PT Astra International Tbk (Astra), according to a company statement.
With this, Astra’s total investment in Halodoc has reached $135 million. Astra has invested in Halodoc through its subsidiary PT Astra Digital Internasional.
DealStreetAsia had reported on Halodoc’s upcoming fundraising in May 2023 with Astra as the likely lead investor.
Astra president director Djony Bunarto Tjondro said the growing demand for health services has accelerated digital adoption with the health industry promising opportunities in the long term. “We hope Astra’s investment in Halodoc can leverage more innovative, high-quality health services,” he said in a statement on Friday.
Astra International is one of the most active investors in the Indonesian startup ecosystem. It has invested around $400 million in various startups, including the IDX-listed tech giant GoTo, agritech firm Sayurbox, logistics startup Paxel, and fintech firm Mapan.
Halodoc’s raised an $80-million Series C round, led by Astra International, in April 2021. The round was joined by new investors Temasek, Telkomsel Mitra Inovasi (TMI), Novo Holdings, Acrew Diversify Capital, and Bangkok Bank, and existing investors Openspace Ventures, UOB Venture Management, Singtel Innov8, Blibli Group, Allianz X, and Openspace Ventures.
With the latest investment, Halodoc’s total external fundraising has reached over $250 million to date. Its other prominent backers include the Bill & Melinda Gates Foundation, Allianz X, Gojek’s Go-Ventures, and Singtel Innov8.
Founded in 2016, Halodoc offers long-distance consultations with doctors and an online drug delivery service on its app.
During the pandemic, it also provided a platform to help patients book COVID-19 tests and hospital appointments. It has connected to over 3,300 hospitals, and 4,900 pharmacies and has over 20 million active users as of 2022.
The Indonesian healthcare sector is facing various challenges including the shortage of medical professionals and poor infrastructure, especially in rural areas. There were 176,110 doctors in Indonesia in 2022 comprising general practitioners, dentists, specialists, and specialist dentists, according to data from the Ministry of Health.
The ratio of doctors per 1,000 population increased to 0.63 last year from 0.47 in 2019. However, the figure is still lower than WHO’s ideal standard of 1 doctor per 1,000 population. This has inspired entrepreneurs and investors to help build a more accessible healthcare ecosystem over the past seven years. The COVID-19 pandemic further accelerated awareness and adoption of telehealth services.
Several Indonesian startups have emerged in this sector including Golden Gate Ventures-backed Alodokter and Klinik Pintar.