Ping An Good Doctor to work with Grab in Southeast Asia
Analysts see the joint venture as another integration of SoftBank’s investment portfolio to play a bigger role
Ping An Good Doctor, a Chinese online health consultation and management platform, has announced it will enter the Southeast Asian market, Yicai.com reported.
It will establish a joint venture with Grab, the Singaporean O2O platform offering ride-hailing and food delivery services, to become the first company in Southeast Asia to provide online medical and health services.
The joint venture will focus on providing a range of medical services, including online consultation supported by AI, drug purchases and hospital booking.
The initial investment scale is about US$20 million. After that, the company will continue to expand the investment to about US$120 million.
Ping An Good Doctor will hold 70% of the equity, while Grab will take the rest.
The capital behind Ping An Good Doctor and Grab are both from the SoftBank Group. As early as the end of last year, Ping An Good Doctor received US$400 million in investment from SoftBank before they went public.
In July of last year, Grab received US$2 billion in financing from a joint investment by SoftBank and Didi, a major ride-share app in China.
“Obviously, this is another integration of SoftBank’s portfolio of its investment to make it play a bigger role,” said a well-known domestic investor.