Medikabazaar has raised $65 million in a fresh funding round which was led by Lighthouse India Fund III.
Lighthouse has invested $30 million (Rs 225 crore) in Medikabazaar along with existing investors Creaegis, Health Quad, Ackermans & van Haaren, British International Investment (formerly CDC) and KOIS Holdings.
As per Medikabazaar, the funding will be utilized in following ways:
- To strengthen its technological capabilities,
- Increase the supply ecosystem and digital driven distribution channels,
- Bolster digital operating capabilities and
- Expand their global operations.
Medikabazaar was founded by Vivek Tiwari and Ketan Malkan in the year 2015. Mumbai-based Medikabazaar is an online B2B market platform for medical devices and supplies. The company serves over 20,000 pin codes.
Boosted by the growing demands of healthcare delivery providers and partnerships with domestic and international medical tools and consumable brands, Medikabazaar has increased its sales 25 times over the last three years.
According to IBEF, India is counted within the top 20 markets for medical devices worldwide. There is a big gap in the current demand and supply of medical devices in India and this provides an opportunity for manufacturing devices in India.
EXECUTIVE OPINION:
“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 also help power our global ambitions” said Vivek Tiwari, Founder, Medikabazaar.
