Medikabazaar, an Indian Healthtech startup, raised USD 75 million in a Series C funding round led by Creagis, along with CDC Group, UK’s development finance institution, on 24 September 2021.
Investors: Creagis and CDC group, wholly-owned development finance institution of UK Government, co-led the latest funding round. In addition, existing investors include Ackermans & van Haaren (AvH), HealthQuad Advisors Private Limited, Rebright Partners, Kois Holdings, and Sumitomo Mitsui Financial Group.
The objectives behind the funding: The company plans to deploy the current proceeds to scale up Medikabazaar’s digital capabilities, deepen the presence in the Indian B2B healthtech industry, technology-driven distribution channels and enhance operations across diverse geographical regions, especially Middle East, North Africa and Southeast Asian markets.
Founded in 2014 by Vivek Tiwari and Ketan Malkan, Medikabazaar is India’s pioneering and largest online B2B marketplace for medical supplies and equipment. The startup has a last-mile delivery system, and 26 strategically placed Fulfilment Centres across India. The company is connected with more than 50,000 medical establishments, 1,50,000 Independent Practitioners and have partnered with 13,000+ suppliers all over India, including ones in Tier 2, Tier 3 cities and remoter locations, to establish a strong foothold in India and simultaneously earn the respect of their clients. Medikabazaar has organised a haywire market in India and established the first international office in the Middle East.
What the Founder has to say:
“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 funds raised will enable us to enhance our international operations and deepen our presence in the Indian B2B healthtech industry. 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,” mentioned Vivek Tiwari, Founder and CEO, Medikabazaar.
What the Investor has to say:
“The healthcare ecosystem needs deep digital transformation to deliver efficient care, and Medikabazaar has pioneered a unique digital supply chain platform to scale hospitals and clinics across the country. We look forward to building a leading next-generation company with Vivek and team and are fully committed to bringing Creaegis’s digital operating capabilities and relationships to support this journey,” said Prakash Parthasarathy, managing partner of Creaegis.
The Indian healthcare market is projected to reach USD 132.84 billion by 2022. It is anticipated to grow 3x in the coming decade. India’s digital connectivity is expected to rise from 15% in 2014 to 80% in 2034. 66% of the population in India lives in rural areas, which has only 40% of the total healthcare workforce. The startup-like Medikabazaar aims to reduce this divide by mobilising dispersed healthcare resources, especially during a pandemic. During COVID-19, the startup introduced a platform called ‘Covid Combat Collaboration Platform’, which aims to enrol suppliers, customers and experts of Covid products and their situation under a single roof.
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