Indonesian healthtech company Klinik Pintar has raised $5 million in a Series A1 funding round led by venture capital firm Altara Ventures, it announced on Monday.
Other investors that backed the round include healthcare IT company Infocom and existing investors Golden Gate Ventures, Skystar Capital and Venturra.
The startup will use the fresh investment to expand its clinic management network, enhance sales, fulfilment, and warehouse capabilities, and develop its offerings to serve the corporate or B2B market, said Klinik Pintar co-founder and CEO Bimo Harya.
“We’ll also continue developing our clinic operating system, known as Aplikasi Klinik Pintar or AKP, with more premium features and integration with multiple supporting partners,” Harya told DealStreetAsia.
Klinik Pintar was founded in 2018 by Harya, a serial entrepreneur who previously established the creative agency Definite and a cashier app, Qasir.id.
The startup manages 23 tech-enabled clinics in Greater Jakarta and provides clinic management software, accreditation, and training to over 1,500 third-party networked clinics throughout Indonesia. Klinik Pintar’s technology is now utilised by over 5% of all clinics in the country, marking a more than threefold increase in network size since the beginning of 2023.
“As of December 2023, we operate 23 clinics, up significantly from four clinics in December last year. We plan to increase to 51 clinics in 2024 and achieve our target of 100 clinics in the following year,” said Harya.
The startup’s software platform AKP is connected to Indonesia’s Ministry of Health (SatuSehat), National Health Insurance program (PCare BPJS) and private insurance networks. AKP also offers direct procurement integrated with clinics’ inventory system, enabling the ordering of medicine, consumables and equipment at group-purchase prices, helping clinics achieve more sustainable operating margins.
“We were drawn to Klinik Pintar’s unique blend of high quality healthcare services, woven together with state-of-the-art practice management software. By providing first and third-party clinics with best-in-class tools, the company is well positioned to expand rapidly across Indonesia,” said Gavin Teo, general partner at Altara Ventures.
In an interview with DealStreetAsia last year, Harya had said that the company was exploring a joint venture model with potential partners and investors interested in building the clinics with Klinik Pintar. He told DealStreetAsia that in parallel to the new equity funding, the startup is finalising a separate asset play investment to expand its advanced care clinics.
“We’ve built and grown our first centre of excellence clinic focusing on pain relief called Neuro Care by Klinik Pintar. We’re planning to build and scale 20 more of these clinics in Greater Jakarta before expanding to other major cities. We hope to finalise the deal in Q1 2024,” Harya continued.
Diversifying revenue streams
Healthtech companies in Southeast Asia have attracted greater investor attention this year. Notable deals include Halodoc’s $100 million round led by Astra in July and Singapore’s Doctor Anywhere raising $40.8 million in a Series C1 extension round earlier this year.
According to Harya, the challenge for most healthtech companies post-pandemic is finding a more sustainable revenue model. In 2021, about 93% of Klinik Pintar’s revenues came from COVID-related care and the company has been trying to grow its non-COVID revenue since last year.
“We were successful in doing this. In 2022, COVID-related revenue was down to less than 3% last year. This year, we’ve validated those new revenue streams and are able to increase 120% from last year. Now it’s time to really expand and grow with this new funding,” said Harya.
The company has two business units – the clinic system and the clinic management. Each has three revenue streams. “For our clinic system business, our revenues come from paid monthly SaaS subscriptions, margins from supply chain business, and take rates from additional supporting services such as accreditation support, insurance integration, and training services,” Harya explained.
Meanwhile, for the clinic management unit, Klinik Pintar gets revenues from public insurance, out of pocket expenses and private insurance cash and claim, as well as from corporate businesses.
“For the clinic management business, we’re already profitable at the clinic level and aim to be profitable at the business unit level in less than two years. Profitability for the clinic system will take longer, but we’re on the right track,” the CEO added.