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Tencent-backed WeDoctor eyes $500 mln pre-IPO fundraising - IFR
November 29, 2017 / 9:40 AM / 17 days ago

Tencent-backed WeDoctor eyes $500 mln pre-IPO fundraising - IFR

HONG KONG, Nov 29 (Reuters) - Chinese online healthcare services firm WeDoctor Group, backed by Tencent Holdings Ltd , is looking to raise about $500 million in private funding ahead of its market debut next year, IFR reported, citing people familiar with the matter.

WeDoctor is targeting a valuation of about $4 billion in the latest round of fundraising, which is expected to be completed before the Chinese New Year in February, the Thomson Reuters publication reported on Wednesday, citing one of the people.

Founded in 2010, WeDoctor, which was reported to be valued at $1.5 billion after it completed a $394-million funding round in September 2015, provides diagnosis and online appointment booking. Users can also consult doctors through the platform.

A WeDoctor spokeswoman confirmed the planned fundraising round, but declined to give details.

As of October 2016, the company had 150 million registered users and 260,000 doctors using its products.

On Monday, IFR reported that China’s most popular online medical platform, Ping An Good Doctor, was working with Citigroup and JPMorgan on an initial public offering of up to $1 billion.

Good Doctor, one of a series of tech start-ups backed by Ping An , the insurer, is the largest online health care and medical platform in China in terms of users. (Reporting by Fiona Lau of IFR, writing by Sumeet Chatterjee; Editing by Himani Sarkar)

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