Leading B2B Healthtech platform Medikabazaar announced that it has successfully raised US $75 million Series C investment led by CREAEGIS, along with CDC Group, the UK’s development finance institution and existing investors.
Existing investors who participated in Series C round include Belgium-based Ackermans & van Haaren (AvH), HealthQuad Advisors Private Limited, Japan-based Rebright Partners, Continental Europe-based Kois Holdings, and Sumitomo Mitsui Financial Group.
The current investment is the highest ever funding in the B2B Healthtech space, and the funds will be utilized to strengthen Medikabazaar’s digital capabilities, deepen the supply ecosystem & technology-driven distribution channels, and bolster capacity to provide a wider range of leading-edge quality medical supplies across diverse geographical regions. This will also help Medikabazaar to augment its international operations especially across MENA and South East Asia markets.
In India’s extremely fragmented healthcare sector - supply chain, capacity constraints, and absence of transparent pricing act as chronic stress factors for the more than 100,000 healthcare service providers. These challenges impact small and medium hospitals and nursing homes that lack access to the required catalogue and timely availability of quality healthcare supplies.
The investment will enable Medikabazaar to further streamline the entire medical supply chain in India, resulting in improved availability of a wide assortment of medical supplies, transparent pricing, and ensure lower procurement costs for small healthcare providers serving local communities. Currently, about 50% of Medikabazaar’s sales are to smaller hospitals and nursing homes, and around 60% of its customers live outside large metro cities.
Vivek Tiwari, Founder & CEO, Medikabazaar, said, "We are delighted to welcome CREAEGIS and the CDC Group on board as investors. We are impressed by the digital transformation track record of Creaegis and look forward to creating a technology-driven platform serving the healthcare ecosystem. The Series C funding has also seen our existing investors extending their trust in us as we continue on our rapid growth path in transforming the state of the Health-Infra industry in India. The funds raised will enable us to enhance our international operations and deepen our presence in the Indian B2B health tech industry."
"Ever since the pandemic, the need for healthcare infrastructure services has grown exponentially. The last fiscal has seen a remarkable rise in our operations. With over 100,000 medical establishments, over 150,000 independent medical professionals, and more than 15,000 seller partners already on board, we are aiming for a 300% growth through FY22,” he added.