Singapore’s digital healthcare provider WhiteCoat Global on Friday announced the acquisition of peer Good Doctor Indonesia for an undisclosed amount, marking a significant consolidation in the sector.
The merger will serve over 6.8 million insured individuals through partnerships with 130 insurers and 7,500 corporate clients.
WhiteCoat has also secured new funding led by the Raffles Family Office (RFO), with MDI Ventures and The SoftBank Vision Fund joining as new investors following the acquisition.
WhiteCoat CEO and founder Bryan Koh hailed the acquisition as a “transformative moment” for Southeast Asian healthcare.
“This move not only strengthens our market presence in the largest economy in Southeast Asia but also underscores our commitment to deliver innovative, technology-driven care, and work towards enhancing healthcare access beyond insured members to the broader population of over 650 million people across Southeast Asia,” he added.
WhiteCoat is planning future funding to support its growth, which will include scaling its omnichannel services and technology research and development to improve service delivery in existing and new markets.
“[..] By embracing digital innovation, we aim to raise the bar on patient care and ensure that quality healthcare is within reach for everyone,” Koh said.
Talking to DealStreetAsia, Good Doctor CEO Danu Wicaksana said WhiteCoat has expressed interest in acquiring full ownership of Good Doctor.
“At present, we can confirm that WhiteCoat has invested in Good Doctor. They will join our existing investors, including Grab, MDI, and SoftBank Vision Fund. Beyond the investment, we plan to explore collaborations across various sectors.”
Good Doctor will maintain its brand presence in Indonesia and there will be no changes to the current management structure, following the deal, he added.
MDI Ventures led Good Doctor’s $10-million Series A funding round in October 2023, which was joined by existing investor Grab.
Commenting on the acquisition, MDI Ventures CEO Donald Wihardja said: “MDI Ventures is proud to support Good Doctor in finding a great partner like WhiteCoat. Together, they will strengthen the healthcare ecosystem in Southeast Asia.”
The deal combines WhiteCoat’s expertise in developing integrated healthcare services with Good Doctor’s strong position in Indonesia’s digital health market.
Founded in 2018, WhiteCoat connects patients with payers and providers to deliver an extensive range of services from primary, specialist to allied care across the region. With operations in Indonesia, Vietnam and Malaysia, the Singapore-based company aims to enter at least two more Asian markets and continues to seek synergistic assets.
On the other hand, Good Doctor has established a strong position in Indonesia’s digital health market, and partnerships with third-party administrators, insurers, and corporates. It also serves individual consumers through its retail offerings, via the Grab app and its application.
Good Doctor provides medical consulting features, an e-commerce service for medicines and Health Products for purchasing and delivery, and Health Articles. So far, it has built partnerships with over 130 insurance companies, 3,500 corporate clients, and 8+ large TPA partners. Its user base has grown to around 15 million users.
The company was formed in August 2018 as a JV between Hong Kong-listed online healthcare platform Ping An Good Doctor and Grab. However, as reported by DealStreetAsia in March 2023, Good Doctor bought back Ping An’s stake in the JV. Though headquartered in Singapore, Good Doctor only operates in Indonesia. The company shut down its operations in Thailand last year.
