INDIA – Healthtech startup Medikabazaar has announced a 75 million USD investment in a series C round led by PE fund CREAEGIS, the UK’s development finance institution CDC Group, and other existing investors.
The round brought together 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.
UK-based CDC Group is the largest investor in this round which infused Rs 131.3 crore followed by Creaegis Limited, CIF and HealthQuad Fund who invested Rs 106.8 crore, Rs 58.2 crore and Rs 51 crore respectively.
The Mumbai-based online medical supply marketplace intends to use the new capital to augment international operations and upscale its supply ecosystem and tech-led distribution channels across borders targeting the Middle East, North America, and Southeast Asian markets.
“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 greater variety of essential medical supplies at an affordable cost to more customers.” Srini Nagarajan, CDC’s Head of South Asia, said in a statement.
This is one of the largest deals in the B2B healthcare space in India. Prior to this, Medikabazaar raised $15.8 million in a Series B round in 2019.
Commenting on 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.
Medikabazaar’s platform allows hospitals and medical establishments to discover supplies, compare specifications, and prices in real time. Hospital devices, materials, medical consumables, and dental tools are among the products available on the B2B platform.
According to the company’s statement, approximately 50% of Medikabazaar’s sales are currently to smaller hospitals and nursing homes, and approximately 60% of its customers live outside of major metropolitan areas.
The company has also achieved significant milestones in ensuring access to quality healthcare. It has onboarded more than 15,000 seller partners, and delivered over 500 million units of medical supplies to date.
While Medikabazaar is yet to file its annual financial report for the last two financial years, it claimed to have achieved an annualized gross merchandise value (GMV) close to $100 million (over Rs 750 crore) in FY20 and targeted $200 million (Rs 1,500 crore) for FY21.