[Funding alert] Healthcare startup Medikabazaar raises $15.8M (Rs 112 crores) in Series B round
Medikabazaar, a B2B online marketplace for medical equipment and supplies, has got Rs 112 crore in its latest funding round, led by a clutch of new and existing investors.
Healthcare-centric VC firm HealthQuad, Belgium-based diversified group Ackermans & van Haaren, early-stage investment firm Rebright Partners and Japan’s Toppan Printing Co led the fundraise. The startup will use the proceeds to build on its technology suite, supply chain infrastructure and for augmenting its team, as per a senior executive at Medikabazaar.
“We are aiming to secure 10% of the organised market share by 2025, and will continue to channel our efforts towards this goal, with a focus on smaller cities and remote areas,” said Vivek Tiwari , CEO, Medikabazaar.
MedikaBazaar’s existing set of backers, which includes CBC Co, Elan Corporation, Mitsui Sumitomo Insurance Venture Capital, Kois Invest from Belgium, also participated in the latest round, along with a group of angel investors such as Sunil Kalra and Arun Venkatachalam.
The firm raised $5 million in its Series A in October last year and followed that up with an undisclosed sum from a number of notable senior corporate executives such Bain & Co’s Arpan Sheth and Karan Singh.
It sells medical and hospital supplies to over 30,000 medical establishments across the country.
Founded by Tiwari and Ketan Malkan in 2015, Medikabazaar is now targeting India’s tier-2, tier-3 and rural markets, and is now also planning to diversify into other categories such as devices for vascular surgery, ENT, laser devices for varicose veins, gynaecology, interventional radiology and OT environment safety.
“At present, Medikabazaar has 17 fulfilment centres pan-India, and the current investment will help us grow this number over the next few years by establishing a larger number of distribution hubs,” Tiwari said.
The company claims to have over 300,000 products on its platform, and is also planning to enter the B2B pharma supplies space, in which it is likely to compete with major distributors such as Ascent Health and Wellness, which owns and operates online drug store PharmEasy, and Keimed, the Apollo Hospital-backed pharma distributor.
“Medikabazaar has created India’s largest tech-enabled B2B medical supplies platform, providing transparent and efficient supply chain management solution for healthcare providers in India. The company has validated our strong use-case hypothesis, which has translated into rapid business ramp-up and high repeatability,” Charles-Antoine Janssen, chief investment officer at HealthQuad, said.
The article was originally published in Economic Times