Med-tech start-up Medikabazaar receives $15.8 million funding
Medikabazaar, a start-up offering B2B online marketplace for medical devices and supplies, has raised $15.8 million in a Series B funding round. The investment was led by giants like Health Quad, Ackermans & van Haaren (AvH), Rebright Partners, and Toppan Printing Co Ltd, along with participation from a bunch of existing investors. Here's everything to know about Medikabazaar.
Medikabazaar: An online marketplace for medical supplies
Founded in 2015 by Vivek Tiwari, Medikabazaar follows a B2B model and sells medical equipment at competitive prices across the country. The company claims to be serving over 15,000 medical centers and more than 80,000 independent doctors and clinics. Notably, it has also received the National Icon Award 2018 for being India's largest marketplace of medical equipment and devices.
Medikabazaar will use the funds to diversify into more categories
Medikabazaar will reportedly use the fresh funds to bring more tech to its platform, hire more people, and build its supply chain network. Besides that, the start-up will foray into new categories like offering devices for OT environment safety, ENT, gynecology, interventional radiology, and laser devices for varicose veins. It also plans to enter into the pharma supplies space in the near future.
The funds will help us strengthen our distribution network: CEO
"At present, Medikabazaar has 17 fulfillment centers pan India, and the current investment will help us grow this number over the next few years by establishing a larger number of distribution hubs," said Vivek, the CEO of Medikabazaar, while talking about the latest fund-raise.
Here's a look at the previous investments in Medikabazaar
Prior to this round, Medikabazaar had raised an undisclosed amount from a clutch of angel investors earlier this year. Before that, in October 2018, the company had raised around $5 million in a Series A round of funding. Now, with the latest infusion, it is targeting five times growth and revenue of $100 million by the end of this financial year.
