healthtech

MediBuddy Secures $18 Million Funding from Existing Investors for Acquisitions

• ByStartupStory     |    August 31, 2023

MediBuddy, a digital healthcare platform, has secured an additional $18 million in funding from its existing backers—Quadria Capital, Lightrock, and TEAMFund. The funds will primarily fuel acquisitions and bolster the startup’s current services. However, MediBuddy has not clarified whether this new funding is an extension of its Series C round or part of a new funding round. In its previous Series C round in February 2022, the company had raised $125 million. Before this latest infusion, MediBuddy had cumulatively garnered $166 million in funding, as reported by Tracxn.

Established in 2013 by Satish Kannan and Enbasekar Dinadayalane, MediBuddy boasts a network of 90,000 doctors, 7,100 hospitals and clinics, 4,000 diagnostic centers, and over 2,500 pharmacies. The platform offers a wide range of healthcare services including online and offline doctor consultations, medicine delivery, home lab tests, mental health consultations, and surgical care.

“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.

MediBuddy draws over 35,000 daily users and caters to both corporate and retail sectors, in addition to its existing customer base of over three crore individuals.

Recently, MediBuddy has made strategic acquisitions, including the procurement of Clinix—an online medical consultation platform focused on rural India—in July 2022, and the acquisition of vHealth from US-based Aetna Inc in February 2023.

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