Medikabazaar raises $75M in Series C round
Medikabazaar, a B2B healthtech startup, announced that it has raised $75 million in a Series C round led by UK-based CDC Group and PE fund Creaegis.
Existing investors, including Belgium-based Ackermans & van Haaren (AvH), HealthQuad Advisors, Japan-based Rebright Partners, Continental Europe-based Kois Holdings, and Sumitomo Mitsui Financial Group also participated in the round. This is one of the largest deals in the B2B healthcare segment in the country.
Medikabazaar had earlier raised $15.8 million in a Series B round in 2019.
The Mumbai-based online marketplace for medical supplies plans to use the freshly raised funds to expand its supply ecosystem and tech-led distribution channels across locations. It also intends to extend to the Middle East, North America, and Southeast Asia.
In a statement, Srini Nagarajan, CDC’s Head of South Asia said, “Access to quality and affordable healthcare is a key component for improved development outcomes in any country, and CDC’s partnership with Medikabazaar comes at a critical juncture when collaboration is urgently needed to address India’s healthcare needs. Beyond our investment, CDC is prepared to devote its sector expertise to support Medikabazaar in scaling its operation across the country to deliver a greater variety of essential medical supplies at an affordable cost to more customers.”
“This partnership will have an expansive impact on improving people’s health and quality of life,” he added.
Established in 2015 by Vivek Tiwari and Ketan Malkan, Medikabazaar currently drives more than 100,000 medical establishments and over 150,000 independent healthcare professionals globally.
It has onboarded over 15,000 seller partners and delivered 500+ million units of medical supplies so far.
Speaking about the funding, Founder & CEO Vivek Tiwari said,
“We are delighted to welcome Creaegis and the CDC Group on board as investors. We look forward to creating a technology-driven platform serving the healthcare ecosystem. The Series C 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 in India.”
“The funds raised will enable us to enhance our international operations and deepen our presence in the Indian B2B healthtech industry,” he added.
Prakash Parthasarathy, Managing Partner at Creaegis, said, “The healthcare ecosystem needs deep digital transformation to deliver efficient care and Medikabazaar has pioneered a unique digital supply chain platform to scale hospitals and clinics across the country. We look forward to building a leading next-generation company with Vivek and team and are fully committed to bringing Creaegis’ digital operating capabilities and relationships to support this journey.”
Medikabazaar seems to have successfully established a strong presence in the healthtech segment. I’m sure the company will continue to reach new heights of success in its journey ahead. My best wishes to the team of Medikabazaar.Shishir Gupta, Founder and CEO,StartupLanes
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