Medikabazaar raises $65 in a new funding round led by Lighthouse India Fund III
- ByStartupStory | April 12, 2022
MedikaBazaar, a B2B medical supply chain website, has raised $65 in a new investment round led by Lighthouse India Fund III. Existing investors Creaegis, Health Quad, Ackermans & van Haaren, British International Investment (previously CDC), and KOIS Holdings also contributed $30 million to the round.
Medikabazaar secured $75 million in a Series C investment headed by Creaegis in September of last year. The new funds will be used to increase Medikabazaar’s technology skills, extend its global operations, deepen its supply ecosystem and distribution channels, as well as improve the efficiency of India’s healthcare industry.
According to sources, Medikabazaar was valued at $700 million in the new round, despite the fact that the company did not disclose its valuation in the previous round. During the previous financing, the Mumbai-based company was valued at around $235 million. 70,000 hospitals and healthcare organizations spanning 20,000 pin codes in the country use the business’s procurement platform, according to the corporation.
Medikabazaar, a seven-year-old startup founded by Vivek Tiwari and Ketan Malkan, allows hospitals and medical institutions to find supplies, compare specs, and prices in real-time. Hospital gadgets, materials, medical consumables, and dentistry tools are among the products available on the B2B platform. Medikabazaar claims to have increased sales by 25 times in the previous three years as a result of increased demand from healthcare providers and partnerships with domestic and international companies. Growth and a focus on unit economics, according to the company, have helped it turn EBITDA positive.
This is also evident in Medikabazaar’s annual financial report for FY21, which shows that operating revenue increased by 3.3X to Rs 558.95 crore from Rs 168.55 crore the previous financial year. According to the research, Medikabazaar’s sole source of revenue was the supply of medical instruments, consumables, and disposables. In FY21, Medikabazaar lost Rs 11 lakh, compared to Rs 9.26 crore in FY20, putting it on the verge of profitability.
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