KASIKORN VISION Co., Ltd. (KVision) has announced its advisory role in the investment of Beacon Venture Capital Company Limited (Beacon VC), a subsidiary of KASIKORNBANK (KBANK), in Alodokter – a leading telemedicine startups in Indonesia. The company aims to become a full-fledged platform offering healthcare solutions from its extensive network of 80,000 physicians, and the number of users which has grown more than 200 times in the past three years. The platform can efficiently meet the needs of users in the Indonesian market, allowing them to access healthcare services across Indonesia.
Pattarapong Kanhasuwan, KBank Executive Vice President and KVision Chairman, said, Overall, the healthcare technology industry in Indonesia has shown promise as evidenced by its ongoing growth. The stellar performance of the Indonesian Healthtech market is supported by its population of around 225 million – making it the world’s fourth-largest country. The provision of telemedicine service by Alodokter has helped address basic problems related to health service in Indonesia, where most medical professionals are in big cities, making it more difficult for patients in remote areas to access medical services. The provision of healthtech service is therefore imperative in solving this problem. For 2023, it is projected that Revenue Growth Forecasts in the healthtech market will rise to USD 1.27 billion, or roughly 46 billion Baht, with telehealth services being the core business that is growing rapidly in the industry.
For this reason, KVision has advised Beacon to invest in Alodokter, an Indonesian startup that provides comprehensive telemedicine service, including health and illness information, medical advisory, doctors’ appointments at public and private hospitals, as well as medicine and supply purchases via a diverse range of payment channels. Alodokter offers health insurance product that enables patient to have convenience and affordable health services. Presently, more than 30 million Indonesians use the services via mobile application and website. The current investment will provide KBANK the opportunity to offer its financial services on the Alodokter platform, including credit facilities for doctors, the general public and hospitals, clinics and pharmacy operators to expand their businesses. KBANK will also be able to offer services such as payroll account and payment channel systems to the business sector.
Mr. Nathanael Faibis, the Founder and Chief Executive Officer of Alodokter, said, The Alodokter platform provides users convenient healthcare services without hospitals or clinics visit, which help lowering medical expenses. Additionally, doctor consultations through the platform would result in lower health insurance premiums, as preliminary analysis of illnesses is beneficial to claim ratio and price competitiveness. This presents an opportunity for Alodokter to offer more affordable and accessible health insurance services in the future.
Moreover, Nathanael Faibis noted, It is our great pleasure to start a business collaboration with Beacon VC, as referred by KVision. We are confident that the cooperation with Beacon VC will enhance our capability to serve millions of patients in Indonesia and Thailand.
KVision introduces Beacon VC as the latest investor of Alodokter. This cooperative effort is of interest to international venture capital firms, namely Softbank Ventures, Sequis, Golden Gate Ventures, Philips, Heritas MDI Ventures, Samsung Ventures, and Hera Capital.