[Funding alert] Digital healthcare startup MediBuddy closes $40M in Series B round
Bengaluru-based digital healthcare platformon Tuesday announced the closure of its $40 million Series B funding round.
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 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 current funding round attracted new investments from India Life Sciences Fund III, LLC, TEAMFund LP, JAFCO Asia Fund, FinSight Ventures, ALES Global Japan, and Beyond Next Ventures. Existing investors, including Bessemer Venture Partners, Milliways Ventures, and Rebright Partners also participated in this round.
The Bengaluru startup is co-led by founders Satish Kannan (CEO) and Enbasekar (CTO).
Satish Kannan, Co-founder and CEO, MediBuddy
COVID-19 created an unprecedented acceleration in digital healthcare adoption. To date, over three crore Indians have used MediBuddy's mobile and web platforms to access specialist doctors 24x7 on video, order medicines, and book home collection of lab samples. Besides, several Fortune 500 companies in India have considered the startup as their preferred digital healthcare partner to help their employees access various healthcare benefits.
Speaking on the investment, MDevarajan TP, Managing Director, representative of India Life Sciences Fund III, LLC, added,
“MediBuddy’s e-health platform enables customers to access the entire gamut of healthcare services — be it teleconsultation services, lab tests, or medicines — across devices. The fund is particularly heartened by MediBuddy’s efforts at enabling such access in vernacular languages, which will be the key to meeting its mission of serving customers across the length and breadth of the country.”
MediBuddy will utilise the funds in further strengthening its doctor and hospital base, patient reach, product, technology, and brand to move a step closer to its mission of providing high-quality healthcare to a billion people.
Additionally, the platform has onboarded leading industry professionals over the last few months to drive critical areas, bolstering an already-strong leadership team, a statement by the startup read.
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.
Supriya Singh, Director, JAFCO Asia Fund, said, “The telemedicine market in India is a very large growing opportunity, and MediBuddy is in a very strong position in this market. They have the most comprehensive platform to address market needs."