B2B Online medical supplies aggregator, Medikabazaar raised $5 million in its Series A funding round led by healthcare venture capital fund HealthQuad. Other new investors include Elan Corporation, Sasaki Foods, CBC Co. Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital, and existing investors Rebright Partners, Sunil Kalra and Arun Venkatachalam also participated in this round.
The newly raised capital will be deployed for strengthening its technology back-end and ramping up hiring across verticals including senior leadership. Further, the company also plans to streamline its supply chain and logistics capabilities to reach 50,000 hospitals and clinics by the end of the next financial year. It also plans to increase its fulfillment centres from the existing 7 to more than 20 across India including tier-2 and tier-3 locations.
“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,” said Vivek Tiwari, founder and CEO of Medikabazaar.
Founded by Vivek Tiwari and Ketan Malkan in April 2015, Medikabazaar is an online marketplace for all medical and healthcare needs. It has several products listed under medical devices, medical consumables, medical aids, disposables, hospital furniture, physiotherapy & wellness, hospital establishment, lighting & pendants, dental and other categories. The platform operates in both B2B (for hospital and medical institution supplies) and B2C (for home health medical devices and aids) segments.
Medikabazaar connects with healthcare facilities in tier-II and tier-III cities, and also rural areas to help them fulfill their healthcare needs. Earlier in its pre-series A round funding, it had raised about $1 million from Rebright, Kalra, Venkatachalam and an undisclosed angel investor from Japan.
“In a price sensitive healthcare environment, cost optimisation and quality delivery will become critical success factors for any healthcare provider. Medikabazaar has disrupted the entire supply chain model to directly reach hospitals and clinics across metros and smaller towns, offering competitively priced quality products in the desired time-frame through its technology platform,” said Dr. Amit Varma, founder of HealthQuad.
The startup competes with other startups like eKincare, Medibox Technologies, Rxpress, BookMEDS.com and others in this segment.