Medikabazaar raises $75 mn in series C funding
- The current investment will be utilized to strengthen Medikabazaar’s digital capabilities, deepen the supply ecosystem and technology driven distribution channels
Healthtech platform, Medikabazaar, on Thursday said that it has raised $75 million 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.
With this investment, the company is valued between $250 million to $260 million, individuals
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 especially across Middle East, North Africa and Southeast Asian markets.
The six-year-old platform currently provides medical supplies to clinics and hospitals.
"We are delighted to welcome CREAEGIS and the CDC Group on board as investors. We are impressed by the digital transformation track-record of Creaegis and look forward to creating a technology driven platform serving the healthcare ecosystem. The funds raised will enable us to enhance our international operations and deepen our presence in the Indian B2B healthtech industry,” said Vivek Tiwari, founder and chief executive officer, Medikabazaar.
“With over 100,000 medical establishments, over 150,000 independent medical professionals and more than 15,000 seller partners already on board, we are aiming for a 300% growth through FY22,” added Tiwari.
Currently, about 50% of Medikabazaar’s sales are to smaller hospitals and nursing homes, and around 60% of its customers live outside large metro cities, it said in a statement.
“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’s digital operating capabilities and relationships to support this journey,” said Prakash Parthasarathy, managing partner of Creaegis.
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First Published:23 Sep 2021, 08:15 PM IST
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