Healthtech Startup MediBuddy Raises $40 Mn In Series B Funding

SUMMARY

MediBuddy had merged with DocsApp in June last year, after which the combined entity had raised $20 Mn as part of the Series B round

Going forward, MediBuddy and DocsApp will operate under a single brand name — MediBuddy

MediBuddy claimed the Covid-19 pandemic has created an acceleration in the adoption of digital healthcare, something it is working to tap into.

Healthtech startup MediBuddy has announced the close of a $40 Mn Series B funding round. The company had earlier raised $20 Mn in the round after it had merged with telemedicine startup DocsApp in June last year.

Going forward, both MediBuddy and DocsApp will operate under a single brand name — MediBuddy. Medibuddy, which was founded in 2000, claims to have helped more than 5 Mn corporate employees make informed healthcare decisions.

According to the company, over 3 Cr Indians have used its mobile and web platforms to access specialist doctors 24×7 on video, order medicines and book home collection of lab samples. In addition, several Fortune 500 companies in India have trusted MediBuddy as their preferred digital healthcare partner to help their employees access various healthcare benefits.

DocsApp was founded in 2015 by Satish Kannan and Enbasekar Dinadayalane and offers an AI-powered platform connecting specialist doctors for virtual consultations across 20 departments such as dermatology, weight management, sexology and more. Besides telemedicine, it has also added medicine ordering and diagnostic tests booking services.

MediBuddy claimed the Covid-19 pandemic has created an acceleration in the adoption of digital healthcare, something it is working to tap into. The company said that its Series B round attracted new investments from India Life Sciences Fund III, LLC, TEAMFund LP, JAFCO Asia Fund, FinSight Ventures, ALES Global Japan and Beyond Next Ventures. Existing investors including Bessemer Venture Partners, Milliways Ventures and Rebright Partners also participated in this round.

“At MediBuddy, we strive towards making high-quality healthcare accessible to Indians across the length & breadth of the country. On any given day, we provide consultations to more patients than any leading offline hospital chain. Moreover, we are proud of the fact that over 50% of these users are from non-urban areas,” said Satish Kannan, cofounder and CEO at MediBuddy.

MediBuddy has claimed that its partner network includes 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies covering 23,000 pin-codes in India, and a 1000-member team located across 22 Indian cities.

The healthcare market is expected to grow 4x in the post-Covid world, from $144 Bn in 2019 to $638 Bn by 2025.