Healthtech startup Medikabazaar raises $75 Mn in series C funding led by Creagis
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Healthtech platform, Medikabazaar, on Thursday said that it has raised $75 Mn as a part of its Series C investment led by Creagis, along with CDC Group, UK’s development finance institution. The round also saw participation from existing investors including Belgium based Ackermans & van Haaren (AvH), HealthQuad Advisors Private Limited, Japan-based Rebright Partners, Kois Holdings and Sumitomo Mitsui Financial Group.
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Medikabazaar claims to be the largest online B2B healthcare platform for medical supplies in the country. The current investment will be utilized to strengthen Medikabazaar’s digital capabilities, deepen the supply ecosystem and technology driven distribution channels. The funding will also help Medikabazaar to augment its international operations.
The Mumbai-based start-up claimed that the investment is the highest ever funding in the B2B Health-tech space. The fresh capital will be used to strengthen Medikabazaar’s digital capabilities, deepen the supply ecosystem & technology driven distribution channels, and bolster capacity to provide a wider range of leading-edge quality medical supplies across diverse geographical regions.
Medikabazaar also plans to augment its international operations especially across MENA and South East Asia markets.
The investment will enable Medikabazaar to further streamline the entire medical supply chain in India, resulting in improved availability of a wide assortment of medical supplies, transparent pricing and ensure lower procurement costs for small healthcare providers serving local communities. Currently, about 50 per cent of Medikabazaar’s sales are to smaller hospitals and nursing homes, and around 60 per cent of its customers live outside large metro cities. It uses data driven AI and ML based platform, which has been able to address the market gap and enhance the demand prediction capabilities of the healthcare ecosystem.
B2B healthtech start-up Medikabazaar on Thursday announced that it has raised $75 million in Series C funding round led by CREAEGIS, along with CDC Group, the UK’s development finance institution and existing investors.
Existing investors including Belgium-based Ackermans & van Haaren (AvH), HealthQuad Advisors Private Limited, Japan-based Rebright Partners, Continental Europe-based Kois Holdings and Sumitomo Mitsui Financial Group also participated in the round.
Medikabazaar claims to be the largest online B2B healthcare platform for medical supplies in the country and was founded in 2015 by Vivek Tiwari and Ketan Malkan.
Creaegis, the CDC Group and existing investors have pumped USD 75 million into our business, Medikabazaar said on Thursday without offering a breakup.
“This investment is the highest-ever funding into the domestic B2B health-tech space, and the money will be used to strengthen our digital capabilities, deepen the supply ecosystem and distribution channels, apart from bolstering our capacity to provide medical supplies across diverse regions,” Vivek Tiwari, chief executive of Medikabazaar, told PTI.
He said this will also help them augment international operations, especially across the MENA and Southeast Asian markets.
Tiwari said the investment will help them further streamline the medical supply chain, resulting in improved availability of a wide assortment of medical supplies, transparent pricing and ensuring lower procurement costs for small healthcare providers serving local communities. Currently, about 50 per cent of Medikabazaar”s sale is from smaller hospitals and nursing homes, and around 60 per cent of its customers are in non-metros, he said.
Welcoming the new investors Creaegis and the CDC Group, Tiwari said the new funding has also seen our existing investors extending their trust in us, as we continue on our rapid growth path in transforming the state of the health-infra industry.
The funds will also enable them to enhance international operations and deepen the presence in the domestic B2B health tech industry, he said, adding that he is hopeful of closing this year with a 300 per cent revenue spike.
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