(Yicai Global) June 8 -- Dingdang Kuaiyao, a Chinese online-to-offline drug delivery platform, has secured USD220 million in its latest funding round led by venture capital firms TPG Capital Asia, OrbiMed Healthcare Fund Management and Redview Capital, Shanghai Securities News reported today.
The funds raised will be used to implement the strategy of “medical treatment + insurance” to ensure that people have better access to healthcare, founder and Chairman Yang Wenlong said.
The money will also be used to develop one-stop medical and pharmaceutical services, including consultation, drug purchases, chronic disease management and psychological counseling, he added.
The platform raised CNY1 billion (USD156.7 million) in a Series B+ round in October last year.
Dingdang Kuaiyao lets customers purchase medicine online from licensed pharmacists and ensures free delivery within the hour. The Beijing-based company saw a huge surge in business during the onset of the Covid-19 pandemic last year, with a 51-fold increase in orders causing its servers to crash last February.
The online model has proved very popular with Chinese consumers. The country’s medical e-commerce market is expected to top CNY215 billion (USD33.6 billion) this year, up 10 percent from last year, according to a report by Hong Kong mobile internet research firm iiMedia Research.
Dingdang Kuaiyao is currently the fourth largest player in China’s medical e-commerce market with a 25.3 percent share, behind Alibaba Health Information Technology, Meituan and JD Health, the iiMedia report said.
Editor: Kim Taylor