Mumbai based startup Collateral Medical, which distributes medical devices online has secured $3.5 Mn in Series A round from Carpediem Capital. Intellecap’s Investment Banking Group was involved as the fund advisor.
The startup will use raised funds to scale the distribution capabilities, IT infrastructure enhancement as well as the expansion of its service network.
Nikhilesh Tiwari, Founder and CEO, Collateral Medical said, “The fund infusion will help us improve and enhance our capabilities to serve medical community better and we are excited to have Carpediem Capital join us as trusted partners in our journey for the next level of growth.”
Founded in 2010 by Nikhilesh Tiwari, Collateral Medical is the largest online marketplace for medical products, equipment, and it supplies medical devices to doctors, clinics, and small and medium hospitals across Tier II and III cities in the country.
Commenting on the funding, Abhishek Sharman, founder and Managing Director, Carpediem Capital said, “We believe that Collateral Medical has identified a niche and underserved market. The company is delivering value to OEMs (original equipment manufacturers) in reaching their end customers and is also providing a compelling proposition to the customers in the form of transparency, service and range of products.”
Collateral Medical has worked with more than 400 doctors in 28 states and medical device distributor competes with 1mg, Healthians and Pianta among others.