The healthtech startup said it would use the fresh funds to navigate the current landscape and achieve its expansion targets through strategic acquisitions
The funding round comes more than a year after MediBuddy raised $125 Mn in its Series C round in February last year.
MediBuddy offers video consultations with doctors, surgicare consultations, and allows customers to book lab tests and order medicines
Bengaluru-based healthtech startup MediBuddy has raised an additional funding of $18 Mn from its existing investors Quadria Capital, Lightrock, and TEAMFund for expansion through strategic acquisitions.
The latest round comes more than a year after the startup raised $125 Mn in its Series C round in February last year.
MediBuddy said the latest funding puts it in a “solid position” to navigate the current landscape and achieve its ambitious growth targets over the next three years.
A “formidable portion” of these funds will be channelled into strategic acquisitions and fortifying existing offerings, enabling exponential growth, the startup said in a statement.
“MediBuddy’s growth trajectory has consistently achieved a Compound Annual Growth Rate (CAGR) of 95.5% over the past three years. The additional funds will be critical in driving our strategic acquisition initiatives, further expanding our reach, and enhancing the depth and breadth of our services,” said Satish Kannan, cofounder and CEO of MediBuddy.
In February this year, the startup acquired vHealth by Aetna, the Indian business of US-based Aetna Inc, to expand its geographical footprint.
Prior to that, in July last year, MediBuddy acquired rural India-focused online consultation platform Clinix.
In its statement today, the startup said that both strategic acquisitions have further amplified its presence in the healthcare domain.
However, amid its aggressive growth plans, MediBuddy also took the layoff route earlier this year. Inc42 exclusively reported in January that the telemedicine startup laid off around 200 employees across departments.
The startup had attributed the restructuring exercise to re-alignment with its long-term stability and growth goals.
Founded in 2015 by Kannan and Enbasekar Dinadayalane, MediBuddy offers video consultations with doctors, surgicare consultations, and allows customers to book lab tests and order medicines. It claims to have a network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres, and 2,500 pharmacies covering 96% of pin-codes in India.
MediBuddy claims to currently have a customer base of over 3 Cr Indians. The startup said its recent growth has been fuelled by its presence in both corporate and retail domains.
While the healthtech ecosystem has been one of the worst-hit due to the ongoing funding winter, the Indian healthtech market is expected to reach a size of $25 Bn by 2025, as per a report by LoEstro Advisors.