Business-to-business (B2B) medical supply platform Medikabazaar has raised $65 million in a brand new funding spherical led by Lighthouse India Fund.
Lighthouse, an investor in Nykaa, Bikaji Foods, and Duroflex, has introduced in $30 million, with the remainder coming from current buyers similar to Creaegis, Health Quad, Ackermans & van Haaren, British International Investment (previously CDC) and KOIS Holdings.
The company said it’ll use the funds to strengthen its technological capabilities, deepen the supply ecosystem and digital-driven distribution channels, bolster digital working capabilities to assist enhance effectivity of the healthcare sector in India and broaden its international operations.
“Revenue momentum continues to be very high and with the start of new international operations in the MENA (Middle East and North Africa) region in this quarter, the top line growth is looking robust for FY23 which would help us hit the unicorn valuation mark in the Series D round which we hope to conclude by end of ‘22,” Vivek Tiwari, founder and CEO of Medikabazaar, according to The Economic Times.
Founded in 2015 by Vivek Tiwari and Ketan Malkan, Medikabazaar is a Business-to-business (B2B) medical supply platform, that provides medical consumables, units, gear, and prescription drugs.
“Fuelled by the growing demand from healthcare delivery providers and partnerships with domestic and international medical device and consumable brands, our sales have grown by 25x over the last three years,” Tiwari added.
Medikabazaar is connected with more than 50,000 medical establishments, 1,50,000 Independent Practitioners, and have partnered with 13,000+ suppliers all over India including ones in Tier 2, Tier 3 cities and remoter locations to establish a strong foothold in India and simultaneously earn the respect of their clients.
“We continue to invest heavily in our tech capabilities and operations to make healthcare available, accessible, and affordable in India and replicate our success in international markets. The funding will enable us to expand and deepen our presence in the Indian health-tech sector and help power our global ambitions,” Tiwari mentioned.
With the power of technology, they organized a haywire market in a country with perhaps the largest and most complex geographical structure in the world for this purpose. Their last-mile delivery system and 26 strategically placed Fulfilment Centres across India enable them to deliver essential medical supplies to healthcare facilities and help them nurture quality and timely patient care.
“The highly fragmented and inefficient medical distribution industry gives Medikabazaar fertile conditions for growth and scale. Medikabazaar has proven to offer sustainable solutions to OEM and healthcare delivery partners, and we believe the company will continue to maintain its pole position in the industry,” mentioned Rochelle D’ Souza, managing director at Lighthouse Advisors.