(Yicai Global) Sept. 9 -- Distinct HealthCare, a Chinese digital healthcare services provider, has banked USD60 million in a fundraiser headed by internet giant Tencent Holdings and a large Hong Kong business group, according to a person familiar with the matter.

Two other Chinese internet stalwarts, online retailer Alibaba Group Holding and TikTok owner ByteDance, had tried to participate in the Series E financing round, the person said, adding that Tencent has blocked the possibility of future investment by the pair through an exclusive agreement with Distinct.

Distinct HealthCare declined to comment when contacted by Yicai Global, while Tencent did not respond.

A person close to Tencent’s investment business said there was no exclusivity agreement in the fundraising, and that no investor had the right to ask the other party for that. But an investment industry source said it is common practice for startups to ink such deals with investors and once signed, the firm raising funds is no longer permitted to have contact with any or specific other investors.

After completion of the current round, Wang Zhiyuan, founder and chief executive of Distinct HealthCare, told reporters that the firm has no immediate plans to go public. Distinct also does not need to raise more money for the time being as it has over USD100 million of cash on the books, he said.

The Shenzhen-based company broke even in 2017 and has made profit at outlets in eight cities across China. There is no operating pressure for the time being, Wang added.

Distinct HealthCare has raised a total of more than USD170 million since January 2014. Market participants put the company’s market value at CNY4 billion (USD618.8 million) after the latest fundraiser.

Founded in 2012, Distinct HealthCare is exploring new ways of providing healthcare such as online follow-ups and consultations, drug deliveries, emergency treatments by video, as well as health and chronic disease management. The company has clinics and hospital, in 11 major cities in China, according to its website.

Editors: Tang Shihua, Peter Thomas