SPH Health Commerce Funding, Investors & Competitors

Apollo HealthCo, operating as Apollo 24/7, is a digital healthcare platform and subsidiary of India's Apollo Hospitals Enterprise. It offers doctor consultations, medicine home delivery, diagnostics, chronic-condition management, and insurance, reaching more than 33 million users since its February 2020 launch. Through its Keimed wholesale pharmaceutical distribution arm, the platform also supplies pharmacies across more than 1,100 cities in 27 Indian states.

GoodRx Holdings Inc is a consumer-focused digital healthcare platform that aims to lower the cost of healthcare in the United States. It operates a price comparison platform that provides consumers with curated, geographically relevant prescription pricing, and provides access to negotiated prices through codes that can be used to save money on prescriptions across the United States. GoodRx generates revenue from core business from pharmacy benefit managers (PBMs) that manage formularies and prescription transactions including establishing pricing between consumers and pharmacies. It also offers various healthcare products and services, including pharma manufacturer solutions, subscriptions, and telehealth services.

PharmEasy is a Mumbai-based online healthcare platform in India. Launched in 2015, it delivers medicines, diagnostic tests, and teleconsultations through a network of 150,000 pharmacies and labs across 1,200 cities. The company acquired Thyrocare in 2021 for pathology services and partners with HDFC Bank for financing, serving over 20 million users.

Truemeds is a Mumbai-headquartered telehealth platform connecting patients with affordable generic medicines from 50,000-plus pharmacies across India. It uses AI to match prescriptions with substitutes from companies like Sun Pharma and Cipla, backed by clinical outcome data and savings up to 72 percent. The app offers consultations with 2,000 doctors, home delivery in 24-48 hours, and health checkups. Truemeds operates in 1,200 cities including Delhi, Bangalore, and Chennai. Co-founded in 2019, it has served over 5 million consultations and raised $20 million in funding.

JD Health is the largest healthcare e-commerce platform in China in terms of revenue. The company offers pharmaceutical drugs and healthcare products on its platform, both as a marketplace that connects merchants to consumers and as a first-party, or 1P, direct retailer. It also offers online consultation from real life doctors and separately partners with offline pharmacies that can provide location-based 24/7 delivery as part of an omnichannel initiative to complement its core e-commerce business. Its closest competitors are Alibaba Health and Meituan for its e-commerce business. As of Dec. 31, 2024, the platform has over 200 million active annual users and over 70,000 merchants. JD Health is 67.49% owned by its parent company, JD.com.

Devoted Health offers Medicare Advantage plans for seniors in the United States. Headquartered in Boston, Massachusetts, the company integrates health insurance with virtual care, in-home visits, and concierge services through its Devoted Medical division. Plans cover 10 states including Florida and Texas, emphasizing primary care and chronic condition management. Devoted Health partners with providers like Mass General Brigham and leverages proprietary technology for personalized care coordination.

Max Healthcare Institute Ltd is a health care service provider. The company's facilities include third-party healthcare providers with whom the company has entered long-term service contracts for providing clinical, radiology, and pathology services. Its hospitals provide the full range of services through its Outpatient, Day Care, Emergency Room, and In-Patient departments to accommodate medical specialties such as orthopedics, internal medicine, general surgery, cardiac sciences, oncology, neurosciences, and obstetrics, as well as diagnostics. The group derives revenue from India.

Oscar Health Inc is a healthcare technology company built around a full stack technology platform and a relentless focus on serving its members. It offers Individual & Family plans and health technology solutions that power the healthcare industry. Oscar operates as one segment to sell insurance to individuals, families and employees through the federal and state-run healthcare exchanges formed in conjunction with the Patient Protection and Affordable Care Act (ACA) and leverages its technology platform to provide services via its Oscar offering.

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/.

Ro is a New York-headquartered telehealth company launched in 2017. The platform offers men's health treatments through Roman, women's health via Rory, weight management with Sequence, and fertility care under Ro Fertility. Ro integrates virtual consultations with licensed providers, at-home diagnostics, and direct medication delivery from FDA-approved pharmacies in all 50 states. Its infrastructure includes proprietary fulfillment centers in Tempe and Dallas processing millions of prescriptions annually. Ro expanded into primary care with Ro Mind for mental health and Ozlo for gastrointestinal treatments.

WeDoctor is a Hangzhou-headquartered online healthcare platform in China. Founded in 2010, it provides appointment booking, consultations, and health services through guahao.com, serving patients nationwide with online-offline specialist access.

Hims & Hers, launched in 2017, is a telehealth platform that connects patients and healthcare providers to offer treatment options for specialties like erectile dysfunction, hair loss, skin care, mental health, and weight loss. Its offerings include generic, branded, and compounded prescription drugs as well as over-the-counter medicines, cosmetics, and supplements. The platform, which has more than 2 million subscribers, is available in all 50 states and certain European markets like the UK. It includes provider networks, electronic medical records, cloud pharmacy fulfillment, and personalization capabilities. Hims does not take insurance and only accepts payments directly from customers.

Doctolib is a Paris-headquartered online booking platform serving 80,000+ practitioners across France, Germany, Italy, and expanding regions. Patients book appointments 24/7 with GPs, dentists, and therapists via app or web. The software manages agendas, teleconsultations, and prescriptions, integrating with French and German health records. Founded in 2013, it handles 100 million annual appointments.

Alibaba Health is of one of China's leading e-commerce platform specializing in healthcare-related products, including prescription drugs, OTC drugs, traditional Chinese medicine, health foods, and so on. The company operates both a third-party B2C service, or 3P, and its own direct-to-consumer business, or 1P, with its own inventory, which can both be accessed by Alibaba’s Tmall app and Alipay. The company also provides online consultation services in a separate app called Yilu or “Dr. Deer,” although its e-commerce businesses remain its core competency in the long-term. E-commerce accounted for 93% of revenue in fiscal year 2022. We estimate that AliHealth holds about 45% of market share in the industry in terms of GMV. AliHealth is 63.74% owned by its parent company, Alibaba Group.

Cityblock Health is a Brooklyn-headquartered tech-enabled provider of integrated health and social care for underserved communities with complex needs. Founded in 2017, it partners with Medicaid managed care organizations like EmblemHealth to deliver personalized prevention services through mobile clinics and apps, including a COVID-19 risk assessment tool adopted by health systems nationwide.

Cerebral is a US-based telemedicine provider offering mental health care for anxiety, depression, and ADHD. Headquartered in San Francisco, it connects patients with licensed therapists and prescribers via app for medication management and therapy sessions. The platform serves all 50 states with insurance billing for Aetna and Cigna. Cerebral uses evidence-based protocols like CBT and follows APA guidelines. Launched in 2020, it expanded to couples counseling.

Sword Health is a Lisbon-headquartered digital therapeutics company offering AI-guided physical therapy for musculoskeletal and pelvic floor conditions. Patients access virtual sessions via app with motion-tracking sensors and clinician oversight. The platform supports remote recovery programs for back pain, joint issues, and postpartum care.

Noom is a digital health platform combining psychology, AI, and human coaching for wellness goals including weight management, diabetes prevention, and stress reduction. New York City-headquartered, it secured grants from the National Institutes of Health and became the first mobile app certified by the Centers for Disease Control for diabetes prevention. Noom serves millions via app-based programs with behavioral tracking and virtual coaching sessions. Recognized by Inc and Fortune for workplace culture, it operates globally with personalized nutrition and habit-building modules.