Indian private equity firm Creaegis has contributed Rs 113.5 crore, or roughly $13.6 million, to the healthcare startup Doceree.
According to Doceree’s regulatory filing, which can be accessed through the Registrar of Companies, the board approved a special resolution to issue 10 equity and 2,4300 CCPS at an issue price of Rs 4,672 per share in order to raise Rs 113.5 crore.
Notably, Doceree has received funding for the first time for its local India entity. The company had received all funding before this round through its US holding entity.
To date, Doceree has raised over $50 million, with $35 million coming from a Series B round headed by Creaegis. It had previously raised $11 million in 2022 during a Series A round headed by Eight Road Ventures.
In order to improve patient health outcomes, Doceree, which was founded four years ago, aims to provide pharmaceutical, life science, and healthcare media agencies with solutions that reach HCPs (healthcare professionals) on their networks.
Together with Hello Health Group, Doceree launched a foray into eight Southeast Asian nations in May of last year, including Vietnam, Indonesia, Malaysia, Cambodia, Myanmar, Singapore, Philippines, and Taiwan.
The media reports that Doceree saw a 60% increase in operating revenue from Rs 16.6 crore in FY22 to Rs 26.6 crore in FY23. Over that time, its losses rise from Rs 38 lakh to just Rs 1.53 crore.
About $426 million (about Rs 3,500 crore) was the closing sum of Creaegis’ first fund last year. Among the companies in its portfolio are Medikabazaar, Zopper, and Kale Logistics. Additionally, Third Wave Coffee and Zopper have seen significant investments from Creaegis.
