Indonesia-based health tech company Good Doctor Technology (GDT) has raised $10 million in a Series A funding round led by Telkom Indonesia’s MDI Ventures with participation from existing investor Grab.
The news confirms DealStreetAsia’s report in May, which had said that GDT was looking to raise up to $15 million in a new funding round from several investors including MDI Ventures.
“The new funding will be used for several things including tech platform development, especially to cater to our enterprise clients. We’ll also utilise the investments for new product and services development, as well as for company operations,” Good Doctor Technology’s CEO Danu Wicaksana told DealStreetAsia.
Moreover, the company plans to extend its reach in the healthcare sector to cater to a broader Indonesian population. GDT will forge new partnerships with more private institutions such as insurance companies and corporate clients, as well as with public institutions including BPJS Kesehatan [the social health insurance administration body].
Wicaksana said GDT continues to see strong growth post-pandemic. “The growth is mostly driven by our focus on B2B2C segment where we work with more than 60 major insurance companies, third-party administrators (TPAs) and brokers, serving over 2,500 companies including large corporations, government organisations, and tech startups,” he added. The company counts Allianz, Prudential, and Sequis Life as partners.
In total, GDT has about 15 million users. It also partners with 2,500 doctors as well as 4,500 pharmacies, hospitals, labs, and clinics, Wicaksana continued.
The company saw three key changes in user behaviour post-pandemic. First, while users accessed the GDT platform for COVID-related concerns during the pandemic, they are now using the platform for other ailments like fever, cough, dyspepsia, ulcers, and allergies. Secondly, while consultations were previously individual and self-funded, now many companies are providing Good Doctor’s services to their employees. Thirdly, those who adopted Good Doctor’s services during the pandemic continue to rely on telemedicine even after the pandemic’s end.
“We recognise the progress that Good Doctor has made and the resilience of Good Doctor’s business model in Indonesia, especially in its enterprise segment. Their dedication to providing accessible, high-quality healthcare services by leveraging technology has attracted our attention. We see immense growth potential in this endeavour,” said MDI Ventures CEO Donald Wihardja.
Good Doctor Technology was formed in August 2018 as a JV between Hong Kong-listed online healthcare platform Ping An Good Doctor and Southeast Asian ride-hailing giant Grab. However, as reported by DealStreetAsia in March, GDT bought back Ping An Good Doctor’s stake in the JV.
A telehealth platform, GDT allows customers to consult with doctors online, buy medicines from Health Mall, and book offline doctor appointments at hospital partners.
“We continue to believe in what Danu and the Good Doctor team are doing in the healthcare technology space, thus our continued investment is a testament to that belief,” said Neneng Goenadi, Country Managing Director, Grab Indonesia.
According to Wicaksana, GDT has various partnerships with Grab, including instant drug delivery with Grab Express where users in 200 cities can expect delivery between 30 minutes and 60 minutes; GDT provides digital healthcare services to Grab employees and a select group of Grab drivers.
“We also have collaboration for government programmes. For instance, between 2021 and 2022, together with Grab, we built 20 vaccination centres to help the Indonesian government in accelerating COVID-19 vaccinations, where we vaccinated more than 220,000 people,” said Wicaksana.