Mumbai-based B2B online medical supplies marketplace Medikabazaar has raised around ₹36 crore ($5 million) in series A round led by Delhi-based healthcare-focused venture capital fund HealthQuad Advisors.
Other investors that participated in the round include Elan Corporation, Sasaki Foods, CBCCo. Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital, along with existing investors Sunil Kalra, Arun Venkatachalam &Rebright Partners II Investment Partnership.
The funds raised will be used to strengthen technology and increase its team size including senior leadership.
Medikabazaar was founded by Vivek Tiwari and Ketan Malkan in 2015. It provides B2B online platform for customers to directly purchase medical supplies across categories like equipment, devices, aids, and dental, without any intermediaries.
The platform connects with healthcare facilities in tier 2, 3 cities and rural areas apart from urban cities to help them fulfil their healthcare needs.
A part of the funds will also be used to further streamline its supply chain and logistics capability to reach 50,000 hospitals and clinics by the end of next financial year. It is also looking to expands its fulfilment centres from 7 to 20, across India, including tier 2 and tier 3 cities.
Vivek Tiwari, founder and CEO of Medikabazaar said, “We have strategically partnered with HealthQuad to strengthen our foothold in the healthcare industry. Our goal of providing affordable, accessible and quality healthcare services is mirrored by HealthQuad.”
Other players in the Indian healthtech industry catering to the needs of patients through the use of technology include PharmEasy, 3Hcare, MyHealthcare, ElaWoman, CareNX Innovations, among many others.
Recently, healthtech startup MediMetry raised funding from BlueSky Capital.
Earlier this month, woman healthcare startup ElaWoman raised ₹22 crores in series A round led by Chiratae Ventures.
Last month, healthcare startup Doctunal raised funds from Mumbai Angels Network. Also healthtech startup PharmEasy raised ₹363 crore in series C led by Eight Roads Ventures.
Here is a comprehensive list of top healthtech startups across various domains in India.