[Funding alert] Medikabazaar raises $75M in a Series C round led by CDC Group, Creaegis, others

B2B healthtech startup Medikabazaar has raised $75 million in a Series C round led by UK-based development finance institution CDC Group and PE fund Creaegis.

The round also saw participation from existing investors, including Belgium-based Ackermans & van Haaren (AvH), HealthQuad Advisors, Japan-based Rebright Partners, Continental Europe-based Kois Holdings, and Sumitomo Mitsui Financial Group. This is one of the largest deals in the B2B healthcare space in India.

Prior to this, Medikabazaar had raised a Series B round of $15.8 million in 2019.

The Mumbai-based online marketplace for medical supplies plans to utilise the fresh capital funds to deepen its supply ecosystem and tech-led distribution channels across geographies. It also plans to expand to the Middle East, North America, and Southeast Asia.

Srini Nagarajan, CDC’s Head of South Asia, said in a statement, “Access to quality and affordable healthcare is a key component for improved development outcomes in any country, and CDC’s partnership with Medikabazaar comes at a critical juncture when collaboration is urgently needed to address India’s healthcare needs. Beyond our investment, CDC is prepared to devote its sector expertise to support Medikabazaar in scaling its operation across the country to deliver greater variety of essential medical supplies at an affordable cost to more customers."

"This partnership will have an expansive impact on improving people’s health and quality of life," he added.

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Founded in 2015 by Vivek Tiwari and Ketan Malkan, Medikabazaar currently powers over 100,000 medical establishments, and more than 150,000 independent healthcare professionals globally.

It has onboarded more than 15,000 seller partners, and delivered over 500 million units of medical supplies to date.

Commenting on the funding, Founder & CEO Vivek Tiwari said,

"We are delighted to welcome Creaegis and the CDC Group on board as investors. We look forward to creating a technology-driven platform serving the healthcare ecosystem. The Series C funding has also seen our existing investors extending their trust in us as we continue on our rapid growth path in transforming the state of the health infra industry in India."

"The funds raised will enable us to enhance our international operations and deepen our presence in the Indian B2B healthtech industry," he added.

Riding on the pandemic-led boom in the healthcare infrastructure sector, Medikabazaar is targeting a 300 percent growth through FY22.

Prakash Parthasarathy, Managing Partner at Creaegis, added, “The healthcare ecosystem needs deep digital transformation to deliver efficient care and Medikabazaar has pioneered a unique digital supply chain platform to scale hospitals and clinics across the country. We look forward to building a leading next-generation company with Vivek and team and are fully committed to bringing Creaegis’ digital operating capabilities and relationships to support this journey.”