Healthcare startup Doceree has raised Rs 113.5 crore (approximately $13.6 million) from Indian private equity firm Creaegis, marking a significant investment to bolster its operations in India.
According to regulatory filings accessed from the Registrar of Companies, Doceree issued 10 equity shares and 2,4300 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 4,672 per share to raise the funding.
This investment represents the first instance where Doceree has received funding directly into its local India entity, diverging from previous practices where funds were routed through its US holding entity.
Doceree has now amassed over $50 million in total funding rounds, with its Series B round contributing $35 million, led by Creaegis. Earlier, the company raised $11 million in a Series A round spearheaded by Eight Road Ventures in 2022.
Founded four years ago, Doceree specializes in empowering pharmaceutical and life-sciences companies, along with healthcare media agencies, by facilitating targeted communication with healthcare professionals (HCPs) to enhance patient health outcomes.
In a strategic move last year, Doceree expanded its footprint into eight Southeast Asian countries through a partnership with Hello Health Group, targeting markets including Vietnam, Indonesia, Malaysia, and the Philippines.
Financially, Doceree witnessed a notable 60% increase in operating revenue, reaching Rs 26.6 crore in FY23 from Rs 16.6 crore in FY22. Despite this growth, the company reported a marginal rise in losses to Rs 1.53 crore compared to Rs 38 lakh in the previous fiscal year.
Creaegis, known for closing its inaugural fund at approximately $426 million (Rs 3,500 crore) last year, has a diverse portfolio that includes Medikabazaar, Zopper, and Kale Logistics. The firm has also made substantial investments in sectors such as Third Wave Coffee and Zopper.
This latest funding round positions Doceree to strengthen its market presence and further develop its innovative solutions in healthcare marketing.
