Indonesia's Alodokter bags $5.2m from HL Mando, Beacon VC

Indonesia's Alodokter bags $5.2m from HL Mando, Beacon VC

Photo: Getty Images Pro via DealStreetAsia

Indonesian digital health platform Alodokter has raised $5.22 million from Korean automobile parts producer HL Mando and Beacon Venture Capital, the corporate venture capital arm of Thailand’s Kasikornbank, according to a filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

The filing showed that the company issued 26,156 Series C5 convertible preference shares worth $3.13 million to HL Mando, and 17,398 similar shares worth $2.08 million to Beacon VC.

DealStreetAsia has reached out to Alodokter for comments.

Last year, Alodokter issued shares worth $6 million to Optima Health, a subsidiary of Japanese conglomerate Marubeni. The transaction also allowed Alodokter to acquire a pregnancy-tracking app Diary Bunda to strengthen healthcare service offerings.

Beacon’s investment in Alodokter, however, was already mentioned in 2022 by Kasikorn Vision Co., Ltd. (KVision), Kasikornbank’s wholly-owned investment holding. In a statement, KVision said it has advised Beacon to invest in Alodokter as it will open an opportunity for Kasikornbank to offer its financial services on the Alodokter platform.

DealStreetAsia reported recently that Alodokter narrowed its losses in 2022 by cutting its expenses.

According to Alodokter’s Singapore entity Ranelagh Pte Ltd’s filings to ACRA, the firm’s losses narrowed to $9.14 million in FY22 from $17.8 million in FY21, while revenue improved slightly to $8.53 million from $8.45 million during the period.

Alodokter was created in 2014 by Nathanael Faibis and Suci Arumsari to provide an end-to-end digital solution to patients, including telemedicine, doctor booking, medical content, e-pharmacy, and health insurance services. The company is considered one of the pioneers of Indonesian telemedicine.

According to DealStreetAsia DATA VANTAGE, the company has amassed $58.45 million from global investors such as Golden Gate Ventures, SoftBank Ventures Asia, Heritas Capital, MDI Ventures, and others across several funding rounds.

Edited by: Pramod Mathew

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