MediBuddy raises $18M from existing investors

Digital healthcare startup MediBuddy will use the fresh capital for acquisitions and to strengthen its offerings.

MediBuddy raises $18M from existing investors

Wednesday August 30, 2023,

2 min Read

MediBuddy, a digital healthcare platform, has raised an additional $18 million in funding from its existing investors—Quadria Capital, Lightrock, and TEAMFund.

The capital will be largely used for acquisitions and strengthening the startup's existing offerings. However, MediBuddy did not clarify whether the fresh fundraise is part of a new round or an extension of its Series C round.

The startup had last raised $125 million in February 2022 as part of the Series C round. MediBuddy cumulatively raised $166 million prior to the latest funding, as per data available on Tracxn.

Founded in 2013 by Satish Kannan and Enbasekar Dinadayalane, MediBuddy has a partner network of 90,000 doctors, 7,100 hospitals and clinics, 4,000 diagnostic centres, and over 2,500 pharmacies.

Satish Kannan, Co-founder and CEO, MediBuddy

Satish Kannan, Co-founder and CEO, MediBuddy

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It offers online and offline doctor consultations, medicine delivery, lab tests at home, mental health consultations, and surgery care, among other healthcare services.

MediBuddy's growth trajectory has consistently achieved a Compound Annual Growth Rate (CAGR) of 95.5% over the past three years. The additional funds will be critical in driving our strategic acquisition initiatives, further expanding our reach, and enhancing the depth and breadth of our services," said MediBuddy Co-founder and CEO Satish Kannan.

According to MediBuddy, it gets over 35,000 users on a daily basis, and has a presence in both corporate and retail segments apart from its present customer base of over three crore.

MediBuddy recently acquired two companies—Clinix, an online medical consultation platform focused on rural India, in July 2022 and US-based Aetna Inc’s vHealth in February 2023.

Edited by Kanishk Singh