Mumbai, India-based online marketplace for medical supplies platform MedikaBazaar raised USD 65 million in Series D Funding. The round took place on April 12, 2022. Lighthouse India Fund led the funding for MedikaBazaar.
Meanwhile, existing investors such as Creaegis, Health Quad, Ackermans & van Haaren, British International Investment (formerly CDC) and KOIS Holdings also invested in the funding.
The latest round of investment turned MedikaBazaar’s valuation to USD 700 million.
Purpose of Funding for MedikaBazaar
The B2B medical supply chain platform will use the funds to further strengthen its technological capabilities. It will also deepen the supply ecosystem and digital-driven distribution channels. MedikaBazaar also seeks to bolster digital operating capabilities to improve the efficiency of the healthcare sector in India.
Besides, the company is eyeing to expand its global operations.
Lighthouse, which previously backed firms like Nykaa, Bikaji Foods and Duroflex, invested USD 30 million. The rest of the funding for MedikaBazaar came from existing investors. Earlier in September 2021, the company raised USD 75 million in its Series C round. Creaegis, along with CDC Group, led the Series C funding.
What the founder has to say
“We continue to invest heavily in our tech capabilities and operations to make healthcare available, accessible, and affordable in India and replicate our success in international markets. The funding will enable us to expand and deepen our presence in the Indian health-tech sector and help power our global ambitions,” said Vivek Tiwari, founder and CEO of MedikaBazaar.
“Revenue momentum continues to be very high, and with the start of new international operations in the MENA (the Middle East and North Africa) region in this quarter, the top-line growth is looking robust for FY23, which would help us hit the unicorn valuation mark in the Series D round which we hope to conclude by the end of ’22. Fuelled by the growing demand from healthcare delivery providers and partnerships with domestic and international medical device and consumable brands, our sales have grown by 25x over the last three years,” he further added.
What the investor has to say
“The highly fragmented and inefficient medical distribution industry gives MedikaBazaar fertile conditions for growth and scale. MedikaBazaar has proven to offer sustainable solutions to OEM and healthcare delivery partners. We believe the company will continue to maintain its pole position in the industry,” said Rochelle D’ Souza, the managing director of Lighthouse Advisors.
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