With the fresh funding, Medikabazaar plans to strengthen its technology and increase its team size
It is also aiming to increase the number of its fulfilment centres to over 20
The platform also hopes to develop supply chain and logistics capability
Mumbai-based Medikabazaar, an online aggregator for medical equipment and medical supplies, has raised $5Mn in Series A round of funding led by Delhi-based healthcare-focused venture capital fund HealthQuad.
Existing investors along with Elan Corporation, Sasaki Foods, CBCCo. Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital also participated in the round..
With this new funding, the startup is looking to strengthen its technology and increase the team size including senior leadership.
Founded in 2015 by Vivek Tiwari and Ketan Malkan, Medikabazaar is a B2B online marketplace for medical equipment and supplies.
The startup is also looking to expand its fulfillment centres from the existing seven to more than 20 across India including the Tier 2 and Tier 3 locations.
The funds will also be used to streamline its supply chain and logistics capability to reach 50K hospitals and clinics by the end of next financial year.
Vivek Tiwari, founder and CEO of Medikabazaar, said, “We have strategically partnered with HealthQuad to strengthen our foothold in the healthcare industry. Our goal of providing affordable, accessible and quality healthcare services is mirrored by HealthQuad.”
Medikabazaar’s Idea To Make HealthCare Affordable
With an aim to become one stop shop for all medical supplies, it provides its customers with a digital platform for online discovery and purchase of medical products beyond geographical boundaries.
On its online platform, the company enables purchase of medical devices and hospital supplies, thereby, enabling hospitals and doctors to make direct purchases without the interference of intermediaries.
The company had last raised $1 Mn in pre-series A round of funding in last fiscal which was led by Rebright Partners II Investment Partnership, Sunil Kalra & Arun Venkatachalam and another angel investor from Japan.
Indian healthcare has been on a growth trajectory with increasing number of players betting on the sector to make healthcare affordable, better and easy.
According to IBEF, the Indian healthcare industry is expected to touch $372 Bn by 2020. The major factor that can contribute to this growth includes rising incomes, more health awareness, lifestyle diseases among many others.
Here’s a quick look into recent fundings in the sector:
- Earlier this month, women health focused ElaWomen raised $3 Mn in a Series A funding round, led by Chiratae Ventures
- Recently in September, Bengaluru-based Cyclops MedTech raised $1 Mn from Bengaluru-based marquee venture capital (VC) firm Unitus Ventures to expand its user base in India and the rest of Asia.
- In August, New Delhi-based healthcare services provider 3HCare has raised $1 Mn in the second round of funding from a group of technology experts
- Healthcare startup myUpchar had raised $5 Mn in the Series A funding round in order to develop its product and technology offering
Healthcare is one of the biggest revenue and employment generating sectors in India and was expected to touch $ 160 Bn by 2017. Overall, the global healthtech market is estimated to reach $104.5 Bn by 2020, according to a new report by Grand View Research.
With Medikabazaar enabling ease of medical supplies to doctors and hospitals, the company has indirectly benefited offline healthcare systems.