A Chinese medical services app has raised a total of US$500 million in a fund round set up in April last year.
The Chinese healthcare market continues to boom with the help of digitisation, with medical services mobile app Ping An Good Doctor securing the single largest investment in China’s online medical services platform to date.
The app provides free diagnosis, treatment and online appointment booking, allowing users to communicate with doctors through text, video and images. With around a quarter of a million users daily, the app has the largest stake of similar services, leading Chinese internet investors racing to raise funds to compete for the dominate position in Chinese healthcare.
Ping An Good Doctor is now recording a valuation of more than US$3 billion, with more than 77 million registered users and more than 50,000 doctors connected to its service, Xinhua reported.
While the figures may seem extortionate, the success of the app seems like a mere drop in the ocean with China’s medical treatment and healthcare market projected to reach 10 trillion yuan (AUS$1.5 trillion) by 2020.