Doctor Anywhere acquires SG healthcare provider, nets $38.8m funding

Singapore-headquartered Doctor Anywhere (DA) is set to acquire medical services group Asian Healthcare Specialists (AHS) in a cash deal valued at about S$109 million (US$76.7 million) at an offer price of S$0.188 (US$0.13) per share.

The healthtech firm has also announced a US$38.8 million series C1 financing round led by Novo Holdings to partly fund the AHS acquisition and accelerate growth.

Executive decision (from left): CFO Travis Seet and CEO Chin Pak Lin from AHS with DA’s Wai Mun Lim (CEO and founder) and Edwin Basuki (CFO) / Photo credit: Doctor Anywhere

According to DA’s financial statements, the company’s revenue hit S$31.9 million in 2021, an over 2.8x growth from the previous year. In August 2021, the firm raised an S$88 million (US$61.9 million) series C round led by Asia Partners.

DA has around 600 employees across Singapore, Indonesia, Malaysia, Thailand, Vietnam, and the Philippines. The company connects more than 2.5 million users with over 3,000 general practitioners and specialist doctors. Founded in 2017 by Wai Mun Lim, the firm provides omnichannel services that allow patients to receive on-demand medical advice and treatment as well as in-clinic or at-home health screenings and vaccinations.

Meanwhile, Singapore-based AHS offers services across specializations including dermatology, family medicine, gastroenterology, rehabilitation, and urology, among others. According to its website, the firm has 14 medical specialists, one family physician, and one physiotherapist in its network, which is spread across 12 clinics in the city-state.

The acquisition will allow DA to provide “more holistic healthcare” and to “vertically integrate into secondary care, to meet the rising demand for complex, specialized treatment across Southeast Asia,” CFO Edwin Basuki told Tech in Asia.

AHS will remain a separate entity following the transaction. DA said that it will not introduce any major changes to AHS, redeploy any of its fixed assets, or lay off staff.

The deal is expected to help DA grow its revenue and user base, “with greater referrals and complementary cross-functional uptake of services” across the platform, Basuki says.

The AHS acquisition comes after DA snapped up Doctor Raksa, a telemedicine firm based in Thailand, to deepen its presence in the country.

Other investors in DA’s series C1 round include:

• Asia Partners
• Kamet Capital
• Square Peg Capital
• IHH Healthcare
• Singapore Economic Development Board (EDBI)
• OSK-SBI Venture Partners

Currency converted from Singapore dollars to US dollars: US$1 = S$1.42.

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