Healthcare startup Doceree, Founded by Harshit Jain, has successfully raised Rs 113.5 crore (approximately $13.6 million) from Indian private equity firm Creaegis. This latest funding round marks a significant milestone for Doceree as it expands its footprint in the healthcare technology sector.
According to regulatory filings accessed from the Registrar of Companies, Doceree issued 10 equity shares and 2,430 convertible cumulative preference shares (CCPS) at an issue price of Rs 4,672 per share to raise the capital.
This infusion of funds represents a pivotal moment for Doceree, as it transitions to using its local India entity to receive investments, moving away from its previous practice of channeling funds through its US holding entity.
Doceree, founded four years ago, focuses on empowering pharmaceutical companies, life sciences firms, and healthcare media agencies by facilitating targeted communication with healthcare professionals (HCPs). The startup’s solutions aim to enhance patient health outcomes through effective engagement strategies.
In its journey to date, Doceree has raised over $50 million, including a notable $35 million in its Series B round led by Creaegis. Earlier funding rounds included an $11 million Series A round led by Eight Road Ventures in 2022, underscoring investor confidence in Doceree’s innovative approach.
The startup’s strategic collaborations, such as the partnership with Hello Health Group to expand into eight Southeast Asian countries, highlight its ambitious growth trajectory and regional expansion plans.
Financially, Doceree reported a robust performance, with operating revenue surging by 60% to Rs 26.6 crore in FY23 from Rs 16.6 crore in FY22, according to data from startup data intelligence platform TheKredible. Despite increased revenue, the company managed to limit losses, with figures rising modestly to Rs 1.53 crore from Rs 38 lakh during the same period.
Doceree’s latest funding round not only positions it for further innovation and expansion but also underscores its commitment to revolutionizing healthcare communications and improving patient outcomes through advanced technological solutions.