Mumbai-based B2B healthtech marketplace MedikaBazaar has received a fresh cash infusion from Antwerp-based Ackermans & van Haaren (AvH).
According to the Ministry of Corporate Affairs filings accessed by Inc42, the company in a meeting on March 4 received the board’s approval to allot 84,984 equity shares at a face value of INR 1 with a premium of INR 3011.38 per share worth INR 25.6 Cr. The company has now received the money in the bank.
The filings, however, don’t clarify the use of the funds. The company last announced $15 Mn fundraise as part of Series B round led by HealthQuad, Ackermans & van Haaren, Rebright Partners and Toppan Printing company. In response to Inc42 query, a company spokesperson confirmed this infusion is part of the same round.
MedikaBazaar’s other investors, across series, include Elan Corporation, Sasaki Foods, CBCCo. Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital.
Founded in 2015 by Vivek Tiwari and Ketan Malkan, MedikaBazaar is a B2B online marketplace for medical equipment and supplies, which largely focuses on Tier 2, Tier 3 cities. It targets to benefit offline healthcare systems by enabling ease of medical supplies to doctors and hospitals.
The company claims to have a digital catalogue of over 300K products from which hospitals and medical establishments can discover, research and compare products in real-time. The company has seven fulfilment locations and a direct presence in 20 regions across India.
In 2019, MedikaBazaar launched an artificial intelligence and machine learning (AI-ML) backed tool to provide accurate stock projections for enhanced procurement and an efficient inventory. In addition, it also introduced the B2B pharmaceutical division for bulk medicine procurement for medical establishments.
Amidst the pandemic, in April, MedikaBazaar instituted a Covid Combat Collaborative Platform on its website. The platform connects buyers, sellers and Covid experts to facilitate timely and sufficient supply of medical essentials, vital for life-saving or preventive healthcare purposes against the pandemic.
According to an IBEF report, 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.
The earlier version of the headline erroneously mispronounced MedikaBazaar’s name. It has now been corrected.
Update: June 18, 2020 | 20: 48
After the story was published, MedikaBazaar clarified that the investment has come as part of already announced Series B funding round. The same has been updated in the story.