Doceree Clarifies Funding Round, Secures Rs 113.5 Crore from Creaegis

Doceree, a prominent healthcare startup, has secured Rs 113.5 crore (approximately $13.6 million) in funding. This investment marks a significant development for Doceree, as it represents the first time the company has received funding directly into its local Indian entity. Previously, all funding rounds were channeled through Doceree’s holding entity based in the United States.

Creaegis Leads Investment Round

Indian private equity firm Creaegis spearheaded this latest funding round. The Doceree board of directors approved a special resolution to facilitate the investment. This resolution authorized the issuance of 10 equity shares and 24,300 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 4,672 per share, raising a total of Rs 113.5 crore.

Building on Previous Success

This investment adds to Doceree’s growing war chest. The company has now secured over $50 million in funding to date. Notably, Creaegis also played a leading role in Doceree’s Series B round, which closed in September 2023 and yielded $35 million. Prior to that, Doceree secured $11 million in a Series A round led by Eight Road Ventures in 2022.

Empowering Healthcare Communication

Founded four years ago, Doceree is dedicated to providing pharmaceutical and life sciences companies, along with healthcare media agencies, with innovative solutions. These solutions empower Doceree’s clients to effectively connect with healthcare professionals (HCPs) on their established networks. This improved communication fosters better patient health outcomes.

Expanding Reach in Southeast Asia

Doceree actively seeks to expand its global footprint. In May 2023, the company partnered with Hello Health Group to establish a presence in eight Southeast Asian nations. These markets include Vietnam, Indonesia, Malaysia, Cambodia, Myanmar, Singapore, the Philippines, and Taiwan.

Financial Performance

Doceree’s financial performance reflects promising growth. According to TheKredible, a startup data intelligence platform, Doceree’s operating revenue surged by 60% in FY23, reaching Rs 26.6 crore compared to Rs 16.6 crore in FY22. It is noteworthy that the company’s losses also saw a positive trend, increasing to a mere Rs 1.53 crore from Rs 38 lakh during the same period.

Creaegis: A Backer of Innovation

Creaegis, the investment firm leading Doceree’s latest funding round, closed its maiden fund at approximately $426 million (Rs 3,500 crore) last year. Creaegis’ portfolio boasts a diverse range of successful ventures, including Medikabazaar, Zopper, and Kale Logistics. The firm has also made significant investments in Third Wave Coffee and Zopper.