Ping An Good Doctor Revenue, Valuation, Funding & Investors

Ping An Good Doctor is valued at $8.8B as of October 2017, a 32.5x multiple on its last reported $271M revenue.

Last Ping An Good Doctor valuation

$8.8B

Series B · Oct 2017

Last Ping An Good Doctor funding round

$400M

Series B · Oct 2017

Ping An Good Doctor revenue

$271M

Series B · Oct 2017

Key investors in Ping An Good Doctor

Ping An Good Doctor Overview

About Ping An Good Doctor

Shanghai-headquartered Ping An Good Doctor is a leading online healthcare platform and wholly-owned subsidiary of Ping An Insurance Group. Launched in August 2014 with RMB 350 million registered capital, it operates three core networks encompassing doctors, pharmaceuticals, and health information. The platform supports online consultations, multi-segment doctor-patient management, drug O2O services, electronic health records, chronic disease management, and pediatric health services. Ping An Good Doctor integrates physician resources amid China's healthcare reforms and develops vertical applications for children's health and chronic conditions. Its ecosystem positions it as a comprehensive provider of one-stop health management solutions in the mobile internet era, with services accessible via http://www.jk.cn/.


Founded

2014

HQ

ChinaShenzhen

Website

jk.cn

Status

Privately held

Customer focus

B2C

Revenue model

Services

Revenue

$271M (Oct 2017)

Valuation

$8.8B (Oct 2017)

Ping An Good Doctor Valuation

Ping An Good Doctor is currently valued at $8.8B, based on its Series B in October 2017.

The $400M round was led by SoftBank Group.

Ping An Good Doctor's valuation has grown 2.9x from $3B at its Series A in May 2016 to $8.8B in October 2017, across 2 priced rounds.

Ping An Good Doctor valuation by funding round

Revenue multiple
Ping An Good Doctor valuation by funding round
DateStageValuationRevenue Multiple
Oct 2017Series B$8.8B32.5x
May 2016Series A$3B68.2x

Ping An Good Doctor Revenue

Ping An Good Doctor's latest recorded revenue is $271M, as of its Series B in October 2017. At a $8.8B valuation, that implies a 32.5x revenue multiple.

Revenue grew from $44M in May 2016 to $271M in October 2017, while the revenue multiple moved from 68.2x to 32.5x.

Ping An Good Doctor revenue by funding round

Ping An Good Doctor revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2017$271M$8.8B32.5xSeries B
May 2016$44M$3B68.2xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Ping An Good Doctor Funding History

Ping An Good Doctor has raised a total of $900M across 2 funding rounds.

Ping An Good Doctor's first fundraising round was a $500M Series A in May 2016. The most recent completed round was a $400M Series B in October 2017.

Ping An Good Doctor funding rounds

Ping An Good Doctor funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2017Series BSoftBank Group (lead)$400M$8.8BPing An Good Doctor, also known as Ping An Healthcare and Technology or Ping An Healthcare Management, is a China-based online healthcare platform backed by Ping An Insurance, offering services including medical consultations, health management, and AI-driven healthcare solutions. In late 2017 or early 2018, the company raised nearly $1 billion in a pre-IPO financing round co-led by SoftBank Vision Fund ($400 million) and SBI Holdings ($450 million), valuing the company at $8.8 billion. This investment preceded its planned IPO on the Hong Kong Stock Exchange. The platform, established around 2016, connects users to online medical services and aims to partner with thousands of hospitals for managing social health insurance, medical records, and drug distribution across China. SoftBank's participation aligns with its strategy of investing in Ping An Insurance subsidiaries combining technology and insurance, including prior commitments to the online healthcare unit reported in November 2017. Financial traction included rapid growth, with revenue reported at 1.02 billion yuan ($162.2 million) for the nine months ended 2017 in IPO prospectus documents, up 240.4% year-over-year, though the company posted losses. SoftBank Vision Fund and related entities held a 7.41% stake ahead of the planned Hong Kong listing targeting $1 billion raise at lower valuations discussed around $5.4 billion.
May 2016Series AIDG Capital (lead)$500M$3BPing An Good Doctor, also known as Ping An Haoyisheng, is a Shanghai-based online-to-offline healthcare platform launched in April 2015 as part of Ping An Group, connecting patients with doctors via a mobile app originally from Ping An Insurance. By May 2016, it had amassed 77 million registered users and facilitated up to 250,000 daily consultations, partnering with over 1,000 full-time medical professionals and 50,000 expert doctors. The company aims to build a healthcare ecosystem through supply chain improvements, online-offline integration, big data, and insurance payment loops, positioning itself in China's burgeoning internet healthcare market amid frustrations with public hospital services. In May 2016, Ping An Good Doctor raised $500 million in its Series A funding round, reportedly led by international private equity funds and Chinese state-owned enterprises, though specific investors like IDG Capital were not disclosed in announcements. This round valued the company at $3 billion post-money, marking it as the largest single-round raise for an online healthcare startup globally and the biggest Chinese healthcare unicorn after an A round. The funding underscores its rapid traction in the O2O healthcare segment, estimated by HSBC at over $150 billion in China with 80% online growth to $47 billion in early 2015. Financially, the company generated RMB 300 million (about $45.1 million) in revenue in 2015, though its exact revenue model remains unclear from reports. It plans aggressive user growth to 300-500 million by 2019. The valuation reflects strong market potential but faces regulatory scrutiny on online medical information in China.

Who has invested in Ping An Good Doctor?

2 investors have backed Ping An Good Doctor across its funding rounds, including IDG Capital and SoftBank Group.

Lead investors include SoftBank Group and IDG Capital.


Ping An Good Doctor Investors

Investors in Ping An Good Doctor by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Ping An Good Doctor

Ping An Good Doctor has acquired 2 companies to date.

Last acquisition by Ping An Good Doctor was on August 16th 2018. Ping An Good Doctor acquired Wanjia for $142M.


Latest Acquisitions by Ping An Good Doctor

Wanjia
Zhongyikang Medicine
Description
Wanjia operates 20 clinics in Shanghai offering integrated dentistry, traditional Chinese medicine, pediatrics, and gynecology under Ping An Insurance Group. Established in 2015, the network handles 500,000 annual visits with services from orthodontics to acupuncture, accessible via WeChat mini-apps, phone hotlines, and email support for 24/7 inquiries.
Zhongyikang Medicine is a wholesaler distributing pharmaceutical products throughout China. The company handles bulk supply chains for medicines and healthcare items to retailers and institutions.
HQ CountryChinaChina
HQ City
Shanghai
Beijing
Deal Date16 Aug 201823 Jul 2018
Valuation$142Mundisclosed
EV/Revenue
EV/EBITDA

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Investments by Ping An Good Doctor

Ping An Good Doctor has invested in 1 company to date.

Latest investment by Ping An Good Doctor was on May 18th 2020. Ping An Good Doctor invested in Healthlane in their $2M Seed round.


Latest Investments by Ping An Good Doctor

Healthlane
Description
Healthlane provides a mobile application for booking medical appointments, tracking visits, and aggregating personal health data from multiple providers. Users locate nearby facilities, manage schedules, and store records securely. Healthlane facilitates affordable care searches with provider ratings. Tel Aviv-based since 2016, it serves consumers in Israel and expanding Middle East markets.
HQ CountryNigeria
HQ City
Lagos
Deal Date18 May 2020
RoundSeed
Raised$2M
InvestorsSVB Capital; Plug and Play; Supernode Ventures; CRE Venture Capital; Launchbay Capital; Unis Venture Fund; TSVC; Sequoia Capital
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Ping An Good Doctor Competitors

Ping An Good Doctor competitors include listed companies like Oscar Health, Max Healthcare Institute and Hims, and private ones like Ro, WeDoctor and Doctolib.

Public and private companies comparable to Ping An Good Doctor
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Oscar HealthUnited StatesUnited StatesPublicly listed$12B($391M)$9.9B0.4x
Max Healthcare InstituteIndiaIndiaPublicly listed$858M$232M$10B10.2x
RoUnited StatesNew York City, NYPrivate$598M-$7B11.7x
WeDoctorChinaHangzhouPrivate$139M-$7B50.4x
HimsUnited StatesUnited StatesPublicly listed$2.3B$178M$6.5B2.4x
DoctolibFranceParisPrivate$400M-$6.4B16.0x

Ping An Good Doctor Public Comps

Ping An Good Doctor is still privately-owned, but its public comps include Oscar Health, Max Healthcare Institute, Hims, Ping An Healthcare, JMDC, GoodRx, Teladoc, Talkspace, Guiyang Longmaster and Medley Inc..

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Oscar Health$12B($391M)0.5x0.4x(15.9x)12.8x
Max Healthcare Institute$858M$232M12.6x10.2x46.5x36.8x
Hims$2.3B$178M3.1x2.4x40.4x23.9x
Ping An Healthcare$815M$52M0.9x0.9x13.4x16.9x
JMDC$324M$88M5.0x4.6x18.4x17.9x
GoodRx$797M$173M1.8x1.8x8.1x5.5x
Teladoc$2.5B$124M0.6x0.6x11.3x5.0x
Talkspace$229M$6M3.4x3.4x129.3x49.4x

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Common questions about Ping An Good Doctor

When was Ping An Good Doctor founded?Ping An Good Doctor was founded in 2014.
Where is Ping An Good Doctor headquartered?Ping An Good Doctor is headquartered in Shenzhen, China.
Is Ping An Good Doctor publicly listed?No, Ping An Good Doctor is a private, VC-backed company.
What is Ping An Good Doctor's valuation?Ping An Good Doctor was last valued at $8.8B in its Series B in October 2017.
How much funding has Ping An Good Doctor raised?Ping An Good Doctor has raised $900M across 2 funding rounds.
What was Ping An Good Doctor's last funding round?Ping An Good Doctor's last funding round was a $400M Series B in October 2017, led by SoftBank Group.
Who are Ping An Good Doctor's investors?Ping An Good Doctor's investors include SoftBank Group and IDG Capital.
What is Ping An Good Doctor's revenue?Ping An Good Doctor's latest recorded revenue is $271M (October 2017).
What is Ping An Good Doctor's revenue multiple?Ping An Good Doctor's latest valuation implies a 32.5x revenue multiple ($8.8B valuation on $271M of revenue).
Which companies are comparable to Ping An Good Doctor?Companies comparable to Ping An Good Doctor include Oscar Health, Max Healthcare Institute, Ro, WeDoctor, Hims and Doctolib.
How many companies has Ping An Good Doctor acquired?Ping An Good Doctor has acquired 2 companies, including Wanjia and Zhongyikang Medicine.
What was the largest acquisition by Ping An Good Doctor?The $142M acquisition of Wanjia in August 2018 is the largest acquisition Ping An Good Doctor has made to date.
How many companies has Ping An Good Doctor invested in?Ping An Good Doctor has invested in 1 company, including Healthlane.
What was Ping An Good Doctor's last investment?In May 2020, Ping An Good Doctor invested in Healthlane's $2M seed round alongside SVB Capital, Plug and Play, Supernode Ventures and 5 other investors.

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