Pakistan's Find My Doctor raises $5mn in pre-series A funding

Pakistan’s healthcare startup Find My Doctor has raised $5 million in a pre-series A funding round, which was led by TPL e-Ventures, the investment arm of TPL Corp and TPL Insurance.

The funds will be used to open dark stores, improve technology and hire new talent, read a company statement.

The healthcare startup currently offers its services in seven of the largest cities of Pakistan including Karachi, Lahore, Islamabad, Rawalpindi, Multan, Peshawar, Hyderabad while plans are in place to enter 10 more by the end of 2022.

Apart from core tech, the Healthtech app will be improving upon its insurance-related services, supported by TPL Insurance.

“We are thrilled to achieve this milestone and will be scaling our operations significantly while experimenting with new products and services. Luckily, we now have the team in place as we have hired our leaders from Tesla, Bykea and an insurance startup” said Saad Siddiqui, founder and CEO of Find My Doctor.

Although insurance is critical to healthcare services around the world, in Pakistan it is yet to cover the wider population, leaving room for substantial growth for any entity which can offer reach and affordability, said the company.

Find My Doctor aims to offer its service both to the general public as well as the corporate sector.

“TPL Insurance continually utilises the digital paradigm to disrupt the insurance industry. Our efforts are singularly focused on making insurance easier and accessible for all, as we look forward to building upon the same vision, set forth by Find My Doctor” said Muhammad Aminuddin, CEO TPL Insurance.

The funding round follows that of Taro Technologies, a Lahore-based emerging fintech startup, that secured $3.5 million in pre-seed funding through a combination of strategic partnerships and angel investors to launch a Buy-Now, Pay-Later (BNPL) venture in Pakistan.

The year 2021 emerged as the best year for Pakistan’s startup sector, as 81 deals worth $350 million were made, according to a Deal Flow Tracker by Invest2Innovate (i2i). The amount raised is more than 5x of what was raised in 2020 i.e. $65 million.