Haodf.com Acquisition, Valuation, Funding & Investors

Haodf.com was acquired by Ant Group in September 2024.

Haodf.com acquisition price

Undisclosed

Acquired by Ant Group · Sep 2024

Cumulative funding Haodf.com raised

$260M

across 2 funding rounds

Key investors in Haodf.com

Haodf.com Overview

About Haodf.com

Haodf.com is an internet medical platform linking doctors and patients for consultations and health services via haodf.com. It enables virtual appointments, specialist advice, and treatment planning across general and specialized medical fields in China.


Founded

2006

HQ

ChinaBeijing

Website

haodf.com

Status

Acquired

Customer focus

B2C

Revenue model

Services

Valuation

$1.4B (Mar 2017)

Haodf.com Acquisition

Haodf.com was acquired by Ant Group for an undisclosed price on 13 September 2024.

Before the acquisition Haodf.com had raised $260M across 2 funding rounds.

HaoDF.com, founded in 2006, operates an online healthcare platform connecting users to 280,000 verified doctors from over 10,000 accredited Chinese government-funded hospitals for consultations, medical record management, and offline visit bookings. The platform, once valued at nearly CNY10 billion (USD1.4 billion), saw its valuation drop below CNY1 billion (USD139.7 million) amid downsizing, staff layoffs exceeding half its workforce, and challenges in active users, operations, and infrastructure, though it achieved profitability post-reductions. Ant Group, the fintech giant behind Alipay with 800 million healthcare users, acquired HaoDF.com, officially announced on January 11, 2025, at the Haodf Summit in Shanghai, following rumors in August 2024 and a prior business cooperation agreement in June 2024 that integrated HaoDF services into Alipay's healthcare section. The acquisition integrates HaoDF into Alipay's health business division to leverage complementary strengths: HaoDF gains access to Alipay's vast user base, AI capabilities, and platform to cut customer acquisition and operational costs while enhancing service quality. Ant Group President Cyril Han and HaoDF Founder Hang Wang announced joint plans for AI-powered innovations, including the AI Doctor Assistant for patient education and medical records, alongside a healthcare manager offering 30+ services like doctor mapping and personalized advice. This builds on Ant's decade-long healthcare investments, including RMB21.19 billion (USD2.9 billion) in 2023 R&D, and prior 2014 launch of China's first online appointment and payment service, aiming to boost efficiency for doctors and users amid competitive pressures in China's online health sector.

Haodf.com acquisition details
AcquirerDateType
13 Sep 2024Strategic M&A

Haodf.com Valuation

Haodf.com is currently valued at $1.4B, based on its Series D in March 2017.

The $200M round was led by Tencent.

Haodf.com valuation by funding round

Haodf.com valuation by funding round
DateStageValuation
Mar 2017Series D$1.4B

Haodf.com Funding History

Haodf.com has raised a total of $260M across 2 funding rounds.

Haodf.com's first fundraising round was a $60M Series C in January 2015. The most recent completed round was a $200M Series D in March 2017.

Haodf.com funding rounds

Haodf.com funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2017Series DTencent (lead)$200M$1.4BHaodf.com (also known as Haodaifu Online) is one of China's largest digital healthcare platforms, connecting patients with doctors for online consultations and medical services. As of September 2024, it had served over 89 million patients, recorded data from more than 940,000 doctors across 10,000 hospitals, with 280,000 doctors registered to offer direct online services. The platform adhered to a strict 'Three No’s' policy—no drug sales, no offline hospitals, no medical ads—which constrained monetization and led to commercialization challenges and shareholder pressures. In March 2017, Haodf.com raised a USD 200 million Series D round led by Tencent, with a post-investment (post-money) valuation of USD 1.3 to 1.4 billion. This followed prior rounds: RMB 3 million angel from Lei Jun in 2007, USD 3 million Series A from DCM China in 2008, Series B (tens of millions USD) led by Trustbridge Partners in 2011, and USD 60 million Series C led by Trustbridge Partners and CDH Investments in 2015. Later, Ant Group fully acquired Haodf.com in September 2024 via its subsidiary Shanghai Yunyang Corporate Management Consulting Co., Ltd., with founder Wang Hang and investors like Lei Jun exiting. The legal representative changed to Zhang Junjie, Alipay VP and head of Digital Healthcare. This followed years of acquisition rumors amid struggles to scale commercially in China's online healthcare market.
Jan 2015Series CTrustbridge Partners (lead)$60M-Haodf.com (Hao Daifu), founded in 2006 by Wang Hang under Hudong Feng Technology, operates an online healthcare platform connecting major hospitals and grassroots medical institutions to form 'medical associations,' enabling remote expert consultations and local services for patients. Haodf.com adhered to a 'Three No’s' policy—no drug sales, no offline hospitals, no medical ads—limiting monetization and leading to commercialization challenges and acquisition rumors. The company raised multiple funding rounds, including RMB 3 million angel investment from Lei Jun and Ceyuan Ventures in 2007, USD 3 million Series A from DCM China in 2008, Series B worth tens of millions of dollars led by Trustbridge Partners in 2011, USD 60 million Series C led by Trustbridge Partners and CDH Investments in 2015, and USD 200 million Series D led by Tencent in 2017 at a post-money valuation of USD 1.3-1.4 billion. Total funding reached $263.4M across rounds with investors including Tencent, Trustbridge Partners, DCM Ventures, Ceyuan Ventures, and Lei Jun. By September 2024, post-acquisition by Ant Group, it served over 89 million patients with data from 940,000 doctors across 10,000 hospitals, 280,000 registered for online services. The platform competed in online healthcare, later acquired fully by Ant Group via Shanghai Yunyang Corporate Management Consulting, with founder Wang Hang and shareholders like Lei Jun exiting.

Who has invested in Haodf.com?

2 investors have backed Haodf.com across its funding rounds, including Tencent and Trustbridge Partners.

Lead investors include Tencent and Trustbridge Partners.


Haodf.com Investors

Investors in Haodf.com by funding rounds participated
InvestorHQRoundsRoleFirst check

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Haodf.com Competitors

Haodf.com competitors include listed companies like JMDC and GoodRx, and private ones like Grand Rounds, Carbon Health, Clarify Health Solutions and Pristyn Care.

Public and private companies comparable to Haodf.com
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Grand RoundsUnited StatesSan Francisco, CAPrivate--$1.3B-
Carbon HealthUnited StatesSan Francisco, CAPrivate$180M-$1.4B7.8x
Clarify Health SolutionsUnited StatesSan Francisco, CAPrivate--$1.4B-
Pristyn CareIndiaGurgaonPrivate$64M-$1.4B-
JMDCJapanJapanPublicly listed$324M$88M$1.5B4.6x
GoodRxUnited StatesUnited StatesPublicly listed$797M$173M$1.2B1.8x

Haodf.com Public Comps

Haodf.com is no longer listed, but its public comps include JMDC, GoodRx, Teladoc, Ping An Healthcare, Talkspace, Guiyang Longmaster, Medley Inc., American Well, Nyxoah and LifeMD.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
JMDC$324M$88M5.0x4.6x18.4x17.9x
GoodRx$797M$173M1.8x1.8x8.1x5.5x
Teladoc$2.5B$124M0.6x0.6x11.3x5.0x
Ping An Healthcare$815M$52M0.9x0.9x13.4x16.9x
Talkspace$229M$6M3.4x3.4x129.3x49.4x
Guiyang Longmaster$44M$5M10.0x-87.9x-
Medley Inc.$236M$32M2.1x1.8x15.7x13.2x
American Well$249M($63M)0.2x0.2x(0.8x)(3.1x)

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Common questions about Haodf.com

When was Haodf.com founded?Haodf.com was founded in 2006.
Where is Haodf.com headquartered?Haodf.com is headquartered in Beijing, China.
Is Haodf.com publicly listed?No, Haodf.com was acquired by Ant Group in September 2024.
Who acquired Haodf.com?Haodf.com was acquired by Ant Group in September 2024.
What is Haodf.com's valuation?Haodf.com was last valued at $1.4B in its Series D in March 2017.
How much funding has Haodf.com raised?Haodf.com has raised $260M across 2 funding rounds.
What was Haodf.com's last funding round?Haodf.com's last funding round was a $200M Series D in March 2017, led by Tencent.
Who are Haodf.com's investors?Haodf.com's investors include Trustbridge Partners and Tencent.
Which companies are comparable to Haodf.com?Companies comparable to Haodf.com include Grand Rounds, Carbon Health, Clarify Health Solutions, Pristyn Care, JMDC and GoodRx.

See companies similar to Haodf.com

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