Ping An Good Doctor and ride-hailing firm Grab set up US$140m online health care JV
Ping An Good Doctor and Grab will set up a joint venture to tap the online health care market in Southeast Asia that's worth US$370 billion, the Shanghai-based online health care firm said today.
Both partners will invest US$140 million into the joint venture, with PAGD owning 70 percent while Singapore-based Grab, which offers ride hailing, ride sharing, and logistics services via its app in Southeast Asia, holding the remaining 30 percent.
The joint venture will offer one-stop health care services in 225 cities spread over eight Southeast Asian countries and targets the regional online health care market of 260 million people valued at US$370 billion, said Wang Tao, chairman and CEO of PAGO.
Besides SouthEast Asia, the joint venture is also seeking more opportunities overseas, said Wang.
Anthony Tan, CEO of Grab, said the joint venture is Grab’s “first step into the mobile medical field”.
Separately, Hong Kong-listed PAGD reported today that its revenue surged 150.3 percent to a record high 1.1 billion yuan (US$160 million) in the first half of the year in its first fiscal report after its shares debuted in Hong Kong.
By June, PAGD boasted 228 million users nationwide.
China’s online health care market revenue will hit 94.8 billion yuan in 2025, growing by an average of 27 percent annually, according to industry figures.
Ping An Good Doctor announces JV with Grab with investment of US$140 million to tap the US$370 billion online health market in Southeast Asia.
