Medikabazaar, a Mumbai-based online B2B marketplace for medical supplies and equipment, has bagged $65 Mn in a Series C funding round led by Lighthouse India Fund.
Other investors who participated in the round are Creaegis, Health Quad, Ackermans and van Haaren, British International Investment, and KOIS Holdings.
The funds raised would be used to strengthen its tech and digital operating capabilities, deepen its supply ecosystem, and improve distribution channels online to improve the efficiency of the sector in India.
The valuation of the B2B health tech startup reached $700 Mn, following this funding round, as confirmed by a Senior-level executive of the company.
Medikabazaar, founded by Vivek Tiwari and Ketan Malkan in 2015 is a health tech startup largely concentrated on Tier 2,3, and smaller cities. This startup claims that it served more than 2 Lakh clients on its platform, partnering with more than 12,000 sellers since its advent.
The startup attained $75 Mn as a part of its Series C investment, back in the September of 2021. It was led by Creagis followed by CDC Group, a UK developmental finance institution. The Series C round funding would help the startup to augment its international operations, especially across the South East, North Africa, and the Middle Eastern markets.
Vivek Tiwari, Founder and CEO of Medikabazaar asserted that the new operations in the Middle East and North Africa region have helped it generate revenue in this fraction. As per the CEO’s statement, Medikabazaar may join the prestigious Unicorn Club after its Series D funding round by the end of 2022.
The fundraiser would be used to strengthen its tech and digital operating capabilities, deepen its supply ecosystem, and improve distribution channels online to improve the efficiency of the sector in India.
While many developments have taken place in the health tech division in the last six months with Flipkart entering the division earlier this month and a few startups boosting funds, indicates the sector’s scope to do better. In one of such developments, health tech startup Proactive For Her also raised $5.5 Mn in February 2022 led by Vertex Ventures South East Asia and India.
Moreover, according to a report by RBSA Advisors, the health tech sector in India, with more than 5,000 startups, is all set to grow at a CAGR of 39% to touch $5 Bn by mid-2023. And it is expected to reach $50 Bn by 2033.