New Delhi: Medikabazaar, a B2B technology platform for medical supplies and equipment, said on Monday that it had raised $15.8 million ( ₹112 crore) in a Series B funding round led by healthcare-centric VC firm, Health Quad, Ackermans & van Haaren of Belgium and Rebright Partners & Toppan Printing from Japan.
The funds from the current round will be used to augment the startup’s technology capabilities and supply chain infrastructure as well as building its team strength. The company’s current focus is on optimizing its fulfilment capabilities for better delivery management, especially across Tier 2, Tier 3 cities and rural areas.
Co-founded by Vivek Tiwari and Ketan Malkan in 2015, Mediabazaar has introduced state-of-the-art medical devices, tools, materials and services to healthcare providers in the market. These include innovative products in oncology, neurology, dentistry, minimally invasive diagnostics and other therapeutic areas.
The company further plans to diversify into other categories such as devices for vascular surgery, ENT, laser devices for varicose veins, gynaecology, interventional radiology and OT environment safety. Additionally, Medikabazaar has successfully deployed its proprietary AI and ML-based smart inventory tool ‘VIZI’, to streamline inventory management for numerous healthcare providers across the country. The company also has plans to foray into pharma supplies in a large manner.
Speaking on the funding, Vivek Tiwari, Founder and CEO, Medikabazaar, said, “We are aiming to secure 10% of the organized market share by 2025, and will continue to channel our efforts towards this goal, with a key focus on smaller cities and remote areas."
Currently, Medikabazaar has 17 fulfillment centres across India, and Tiwari says that the current investment will help them grow this number over the next few years by establishing a larger number of distribution hubs.
Commenting on the investment, Charles-Antoine Janssen, Chief Investment Officer, HealthQuad said “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."
Medikabazaar raised $5 million in its Series A round in October 2018, followed by an undisclosed amount of funding earlier this year from industry leaders Karan Singh, managing director Bain & Co and Arpan Sheth, Partner Bain and other Angel Investors.