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JV aims to Grab patients
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Ping An Good Doctor and Grab will set up a joint venture to tap the online health care market in Southeast Asia that鈥檚 worth US$370 billion, the Shanghai-based online health care firm said yesterday.
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鈥檚 鈥渇irst step into the mobile medical field.鈥
By June, PAGD boasted 228 million users nationwide.
China鈥檚 online health care market revenue will reach 94.8 billion yuan in 2025, increasing by an average of 27 percent annually, according to industry figures.
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