Mumbai-based online medical supplies aggregator Medikabazaar has raised $5 million in in the Series A round of funding led by HealthQuad, a healthcare focused venture capital fund investing in early stage healthcare companies in India.
The startup plans to use this funding to strengthen technology and increase its team size including senior leadership, according to an official statement.
Other investors who participated in this round include Elan Corporation, Sasaki Foods, CBCCo. Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital and its existing investors Sunil Kalra, Arun Venkatachalam & Rebright Partners II Investment Partnership.
Medikabazaar had earlier raised $1 million in pre-series A round of funding by Rebright Partners II Investment Partnership, Sunil Kalra and Arun Venkatachalam and another angel investor from Japan.
Founded in 2014 by Vivek Tiwari, who is also the present CEO of the company, Medikabazaar is an online aggregator of medical devices, medical equipment, and supplies, providing B2B services to hospitals and medical establishments.
With over 100,000 products listed its website, Medikabazaar claims to be the largest B2B online marketplace for medical equipment and medical supplies offering last mile delivery of anything under the gamut of medical equipment and consumables across 16000+ pin-codes in India.
With the infusion of fresh capital, Medikabazaar plans to to use this money to streamline its supply chain and logistics capability to reach 50,000 hospitals and clinics by the end of next financial year, as well as increase its fulfillment centres to over 20 from seven now.
“In a price sensitive healthcare environment, cost optimization and quality delivery will become critical success factors for any healthcare provider. Medikabazaar has disrupted the entire supply chain model, to directly reach hospitals and clinics across metros and smaller towns, offering competitively priced quality products in desired time-frame through its technology platform,” said HealthQuad founder Amit Varma.
Headquartered in New Delhi, VC fund HealthQuad was founded in 2016 by Amit Varma and Abrar Mir, who are also the co-founders of Singapore-based healthcare-focused private equity firm Quadria Capital. HealthQuad was spun-off from Qaudrio as its venture capital arm to capture opportunities in the healthcare sector at an early stage.
Besides Medikabazaar, HealthQuad had earlier invested in Gurgaon-based health tech firm The Healthy Billion (THB) and Bangalore-based Neurosynaptic, a turnkey telemedicine solution provider.
In healthcare and related aggregator space, Mumbai-based home healthcare services aggregator HealWell24 had raised $200,000, in May this year, from bunch of angel investors including Prashant Mehta, Mitali Pawar, Nikhil G and Bhavesh P, members of Indian Cooperative Oncology Network (ICON), and R Ranganathan.
In December last year, Kolkata-bassd healthcare services aggregator-marketplace EasyBuyHealth had raised seed funding of $350,000.
Source – Economic Times,