[Funding alert] Healthcare startup MediBuddy raises $125M in Series C round

MediBuddy, a Bengaluru-based digital healthcare platform, on Tuesday, said it has raised $125 million in a Series C funding round led by Quadria Capital and Lightrock India. Existing investors Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures, and Alteria Capital also chipped in. Post the funding, the startup is valued at $450 million.

The startup, in a statement, said it plans to use the fresh capital to ramp up hiring, strengthening technology platforms, including data science capabilities, clinical research, and product development.

Avendus Capital was the exclusive financial advisor to MediBuddy on this transaction. 

Satish Kannan, Co-founder and CEO, MediBuddy, said, 

"With the latest round of funding, we will capitalise on strengthening our network of healthcare service providers and our team while launching new services on the platform.”

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In February last year, the company announced the closure of its $40 million Series B funding round.

MediBuddy provides its users with 24x7 access to specialist doctors via video calls, doorstep medicine delivery, at-home lab tests, mental health support, and other integrated healthcare services; all in one place. The platform claims to have catered to the healthcare needs of over three crore Indians, leveraging its unparalleled pan-India network of 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres, and 2,500 pharmacies that cover over 96 percent of PIN codes across the country. 

The company caters to over 700 corporates and 50+ lakh employees including family members.

Tejasvi Ravi, Principal and Healthcare lead, Lightrock India, said, 

“MediBuddy is playing a critical role in organising primary healthcare services, improving quality and convenience even as it expands access across India including Tier-II and Tier-III towns. The leadership team has a remarkable understanding of consumer needs and have scaled their reach and services to a leadership position. MediBuddy’s care-platform provides seamlessly integrated care that is leading the way in increasing uptake of primary healthcare and helping millions of customers stay healthy”.

MediBuddy says it provides a healthcare subscription plan — MediBuddy Gold, which covers unlimited specialist doctor consultations for the user and the family. The onset of the COVID-19 pandemic, the startup claims, accelerated the adoption of the MediBuddy Gold.

The digital healthcare startup also launched several other initiatives such as at-home sample pickup of blood tests, RT-PCR tests, COVID Vaccination, tracking availability of hospital beds for COVID patients, a 24x7 COVID helpline number, and mental health counselling, according to a statement.