Online medical supplies aggregator Medikabazaar raises $5 million in Series A fundingApurva P
Medikabazaar plans to use this funding to strengthen its technology and increase its team size including senior leadership.
Online aggregator for medical supplies, Medikabazaar raised $5 million in Series A funding. The funding round was led by healthcare venture capital fund HealthQuad and included other investors like Elan Corporation, Sasaki Foods, CBC Co. Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital, and existing investors Sunil Kalra, Arun Venkatachalam and Rebright Partners II Investment Partnership.
"We have strategically partnered with HealthQuad to strengthen our foothold in the healthcare industry. Our goal of providing affordable, accessible and quality healthcare services is mirrored by HealthQuad," said Vivek Tiwari, founder and CEO of Medikabazaar.
This Mumbai-based startup plans to use this funding to strengthen its technology and increase its team size including senior leadership. It will also be used to streamline the company's supply chain and logistics capabilities to reach 50,000 hospitals and clinics by the end of next financial year. It also plans to increase its fulfillment centres from 7 to over 20 across India including tier-II and tier-III locations.
"In a price sensitive healthcare environment, cost optimisation 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 the desired time-frame through its technology platform," said Dr.Amit Varma, founder of HealthQuad.
Founded in 2015, Medikabazaar is a marketplace for all medical and healthcare needs. It operates in both B2B (for hospital and medical institution supplies) and B2C (for home health medical devices and aids) segments.
During the last fiscal, the company raised around $ 1 Million in its pre-series A round by Rebright Partners II Investment Partnership, Sunil Kalra and Arun Venkatachalam, and another angel investor from Japan.
It connects with healthcare facilities in tier-II and tier-III cities, and also rural areas to help them fulfill their healthcare needs. With 5,000 medical establishments, sellers can post and sell their products via the Medikabazaar platform.
In the digital healthcare space, it competes with other startups like eKincare, Medibox Technologies, Rxpress, BookMEDS.com etc.