[Funding alert] MediBuddy raises Rs 25 Cr debt fund from InnoVen Capital

Digital healthcare platform MediBuddyhas raised Rs 25 crore debt fund from Innoven capital, the venture debt firm said on Tuesday.

MediBuddy recently closed around Rs 290 crore in a Series B round, which was led by India Life Sciences Fund III, LLC.

"We have been an active investor in the healthcare space and believe that tech first, AI-driven platforms like MediBuddy are well-positioned to disrupt the market, and we are delighted to back them in their vision to make quality healthcare accessible for all," InnoVen Capital India Chief Executive Officer (CEO) Ashish Sharma said in a statement.

With a network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres, and 2,500 pharmacies, covering over 95 percent of all pin codes in India, MediBuddy claims that it is well-positioned to strengthen its leadership position by providing 24x7 access to a range of healthcare services across India. 

"We are delighted to enhance our partnership with InnoVen Capital, which has been a partner with us for several years. It makes me immensely proud to say that we now have the most comprehensive network to serve consumers and enterprise clients alike.

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"With our recent equity funding as well as venture debt raise, the company is well-capitalised to execute an ambitious growth agenda," MediBuddy co-founder and CEO Satish Kannan said.

In June 2020, the startup had raised $20 million (Rs 150 crore) led by India Life Sciences Fund III, LLC, with participation from other investors.

It had also announced a merger with online doctor consultation platform DocsApp, which would help MediBuddy to create market leadership in the digital healthcare industry. At present, both MediBuddy and DocsApp operate under a single brand name — MediBuddy.

The Bengaluru startup is co-led by founders Satish Kannan (CEO) and Enbasekar (CTO). 

(Disclaimer: Additional background information has been added to this PTI copy for context)