Chinese insurance giant Ping An’s healthcare app business raises $500m
By Chalida for DSA
Shanghai-based Ping An Health Cloud, operator of mobile healthcare app Ping An Haoyisheng, has completed the latest $500 million funding round, resulting in boosting the company’s value up to $3 billion. The identity of the investors was not disclosed, according to a report in China Money Network.
Ping An Health Cloud, founded in August 2014 with registered capital of RMB350 million, is a wholly-owned subsidiary of China’s insurance conglomerate Ping An Insurance. Eight months later, it launched Ping An Haoyisheng, an online platform that allows users to consult with doctors through text, pictures and video.
It also provides pharmaceutical online-to-offline service and runs an online store for healthcare products. The app creator Wang Tao, said, the proceeds will be used to improve online consulting services including online appointment booking, chronic illness management and medicine delivery as well as recruiting more full-time doctors to the platform.
A part of the funding will go toward helping the government build up healthcare clouds to maintain files on local citizens and create an incubation fund to invest in healthcare-related companies. It claims that the app has 77 million registered users, up from 10 million last June, and provides 250,000 peak daily consultations.
Meanwhile, Lufax, an online financial service platform under Ping An Insurance, has also secured a new round of financing at a post-money valuation of $18.5 billion earlier this year, according to China Money Network.
first appeared at DSA