MediBuddy Bags $125 Mn In Series C Funding From Quadria Capital & Lightrock India

Bengaluru-based healthcare startup MediBuddy has announced raising $125 Mn in Series C round of funding from Quadria Capital, Lightrock India. The round further saw participation from existing investors including Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFUND LP among others. 

The fresh round further saw investment from FinSight Ventures, InnoVen Capital, Stride Ventures, and Alteria Capital. 

With the current funding, MediBuddy has raised more than $170 Mn from over a dozen investors. 

Inc42 reached out to its founder Satish Kannan about the valuation of the startup post the funding, but text messages remained unanswered till the time of publishing. 

The funding comes almost after a year when it raised $40 Mn in Series B round of investment from India Life Sciences Fund III, TEAMFUND LP, JAFCO Asia Fund, FinSight Ventures, among others. 

MediBuddy in mid of 2020 announced merger with telemedicine startup DocsApp. The startup had then announced that going ahead, both MediBuddy and DocsApp will operate under a single brand name — MediBuddy. 

Founded in 2020, MediBuddy claims to have a network of 90,000 doctors, 7000 hospitals, 3000 diagnostic centres and 2500 pharmacies covering 96% pin-codes in India, and a 1500-member team located across 22 Indian cities.

The startup claims that it has catered to the healthcare needs of 3 Cr Indians and attends to the needs of more than 35,000 Indians daily across the length and breadth of the country.

MediBuddy’s app connects patients to experienced and verified doctors for online consultations across 18 specialities such as dermatology, pediatrics, gynecology and more, via chat, video, or voice call. 

In India, MediBuddy competes against the likes of Practo, Lybrate, mFine, Tata’s 1Mg, Reliance-backed NedMeds, among others. 

Healthtech startups have been receiving greater investors’ interest in the backdrop of ongoing pandemic. As per an Inc42 report, the healthtech sector received $2.2 Bn funding across 131 deals in 2021. There were 3,548 active startups in the healthtech space in 2021, accounting for 8.9% of the startup world that comprises 39,960 companies.

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