Medikabazaar Ropes In Former Healthium Medtech Executive As CEO

Mumbai-based B2B healthcare supply chain startup Medikabazaar has roped in medtech industry veteran Dinesh Lodha as its new Group CEO.

In his new role, Lodha will lead Medikabazaar’s growth targets, international expansion and drive profitability. He will oversee the Indian market while strengthening the company’s product portfolio and operations. 

With over two decades of experience, he served with medical devices maker TI Medical and knitwear brand Rupa And Company Limited as group CEO. Prior to that, he was the group CEO at Healthium Medtech and country head for South Asia at Samsung’s HME Division, according to his LinkedIn profile. 

Lodha also held multiple positions at GE Healthcare, including director of sales for South Asia and regional vice president of sales.

Lodha’s experience in B2B and B2C operations across FMCG and healthcare sectors is expected to steer Medikabazaar through its next growth phase as it looks to raise $250-300 Mn to tap into the overseas markets, the company said in a statement.

The company is also looking to target markets such as Dubai, Singapore and China, while also considering strategic acquisitions, it added.

“Lodha’s proven leadership and track record in the medtech industry perfectly align with the company’s vision to innovate and expand,” a company spokesperson said.

Founded in 2015 by Vivek Tiwari and Ketan Malkan, Medikabazaar offers over 4 Lakh products and serves more than 10,000 medical centres and 30,000 independent doctors and clinics across India. 

The company’s product offerings include a B2B marketplace, an AI-ML-powered SaaS solution, a medical financing solution, and an asset management platform for equipment business.

This comes weeks after Medikabazaar underwent a management restructuring with the company’s cofounder Vivek Tiwari stepping down as chief executive officer and taking a board role. 

The startup reported a net loss of INR 20.8 Cr in FY22 as against a net profit of INR 61 Lakh in FY21. 

Though the startup reported loss in FY22, revenue from operations jumped over 3X or 175% to INR 1,552.5 Cr from INR 564.7 Cr in FY21.

Medikabazaar has raised a total of $191.94 Mn across six funding rounds and the last round was raised on April 12, 2022, as per Inc42’s data.

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