[Update] Exclusive: Medikabazaar Raises $75 Mn In Series C Round From CREAEGIS & CDC Group

Update: After Inc42’s exclusive story on the funding round was published on Wednesday (September 22), Medikabazaar has announced raising of $75 Mn in Series C round led by CREAEGIS, along with CDC Group. Existing investors Belgium based Ackermans & van Haaren (AvH), HealthQuad Advisors Private Limited, Japan-based Rebright Partners, Continental Europe-based Kois Holdings and Sumitomo Mitsui Financial Group participated in the round.

Our original story follows: 

Mumbai-based B2B healthtech marketplace Medikabazaar is raising INR 433 Cr from a clutch of investors. UK-based CDC Group, Rebright Ventures are participating in this round of funding.

According to the regulatory filings accessed by Inc42, Medikabazaar is allotting 6,38,357 Series C Compulsory Convertible Preference Shares at a premium of INR 6787.22 to ten investors.

The new funding round which seems to be its Series C round will see the participation of UK-based development finance institution CDC group which will be infusing a total of INR 131 Cr in exchange for 1,93,350 Series C CCPS. 

Startup’s existing investor Rebright Ventures will be pumping in INR 15 Cr and MSIVC Venture Capital will pump INR 30 Cr. Angel investor Sunil Kalra along with HealthQuad Fund, KOIS Holdings, and Ackerman & van Haaren NV are also participating in this round of funding.

As per the filings, Medikabazaar has already received INR 165 Cr of the total INR 433 Cr from CIF II and Creaegis in exchange of 2,43,068 Series C CCPS. 

In 2019, Medikabaazar had raised $15 Mn (INR 112 Cr) in its Series B round led by healthcare-centric VC firm Health Quad, Belgium-based Ackermans & van Haaren (AvH), and Rebright Partners, and Japan’s Toppan Printing Co Ltd amongst others. The healthtech startup had raised a $5 Mn Series A round from HealthQuad, Kois, MSIVC, among others in 2018.

Founded in 2015 by Vivek Tiwari and Ketan Malkan, Medikabazaar is an online marketplace for medical equipment and supplies that focuses on Tier 2, Tier 3 and beyond. 

As per Medikabazaar’s website, the healthtech startup is working with more than 13,000 partners and is offering over 5 lakh medical products. The startup claims to reach more than 1000 towns and cross over 20000 pin codes through its MBGO network.

Medikabazaar at present is operational in over 18 countries and is providing its solutions to over 200K customers. Medikabazaar boasts of having delivered 500 Mn products already, more than 30 fulfillment centers and has over 500K SKUs.

Update (September 24 at 5:30 Pm) –  Medikabazaar has announced raising of $75 Mn in Series C and the story has been updated to reflect the same.