H2- Healthcare startup Medikabazaar has accumulated $75 million (about Rs 550 crore) in Series C investment round from domestic PE firm Creaegis Principals, UK's CDC Group and existing investors, addressing it as the most significant funding in the B2B health space in the country.
Existing investors who assembled in the prevailing round include Belgium-based Ackermans & van Haaren, Healthquad Advisors, Japan-based Rebright Partners, Continental Europe-based Kois Holdings and Sumitomo Mitsui Financial Group.
While Creaegis Principals is a new private equity firm established in Bengaluru, CDC Group is the sanctioned development finance institution of the British government.
Medikabazaar claimed to be the most comprehensive online B2B healthcare platform for medical supplies in the country and was endowed in 2015 by Vivek Tiwari and Ketan Malkan.
On Thursday, Creaegis, the CDC Group, and existing investors have raised $75 million into our business, Medikabazaar asserted without offering a breakup.
"This investment is the highest-ever funding into the domestic B2B health-tech space, and the money will be used to strengthen our digital capabilities, deepen the supply ecosystem and distribution channels, apart from bolstering our capacity to provide medical supplies across diverse regions," Vivek Tiwari, chief executive of Medikabazaar, told PTI.
He stated this would also help them expand international operations, notably across the MENA and Southeast Asian markets.
Tiwari announced the investment would help them streamline the medical supply chain considerably, resulting in enhanced availability of an extensive assortment of medical supplies, transparent pricing, and securing more economical appropriation costs for small healthcare providers serving local communities. Currently, about 50 percent of Medikabazaar's sales is from meagerer hospitals and nursing homes, and around 60 percent of its customers are in non-metros, he said.
Greeting the new investors Creaegis and the CDC Group, Tiwari declared the new funding has also seen our existing investors elongating their trust in us as we continue on our brisk growth path in modifying the state of the health-infra industry.
The funds will also empower them to intensify international operations and deepen their presence in the domestic B2B health tech industry. He is confident of closing this year with a 300 percent revenue spike.
Prakash Parthasarathy, the managing partner at Creaegis, announced that Medikabazaar had founded a unique digital supply chain platform to scale hospitals and clinics across the country.
Alex Ellis, the British High Commissioner, stated that this investment into Medikabazaar will help promote healthcare quality and extend access to a broader range of medical supplies through its innovative platform.
Srini Nagarajan, CDC's South Asia head, related that access to quality and affordable healthcare is imperative for improved development outcomes in any country. Our partnership with Medikabazaar befalls at a significant juncture when collaboration is crucially needed to inscribe healthcare needs. Beyond the investment, CDC is also prepared to dedicate its sector expertise to support Medikabazaar in mounting its guidance to deliver a more inclusive variety of requisite medical supplies at reasonable costs to more customers.