Total amount raised
$187 Millions
Latest funding date
4/1/2022
Location
Medikabazaar has successfully raised significant funding through multiple rounds, with its latest being a Series D. The platform serves as a comprehensive B2B marketplace for medical supplies and equipment.
Continue reading to delve into the details of Medikabazaar's funding journey and the investors who support this innovative venture.
What Is Medikabazaar?
Medikabazaar, founded in April 2015 by Ketan Malkan and Vivek Tiwari, is based in Mumbai, Maharashtra, India. The company operates an online B2B marketplace for medical supplies and equipment, aiming to streamline procurement for medical institutions and practitioners.
With a workforce of 501-1000 employees, Medikabazaar connects over 50,000 medical establishments and 150,000 independent practitioners with 13,000+ suppliers across India. The platform leverages technology to reduce operational costs and ensure timely delivery through its 26 Fulfilment Centers.
Medikabazaar offers a wide range of products, including consumables, diagnostics, and refurbished devices, along with digital services like asset management and inventory analytics. The company is committed to making global brands accessible locally, even in remote locations.
How Much Funding Has Medikabazaar Raised?
- Seed Round
- Amount Raised: ₹50.2M
- Date: April 2017
- Lead Investors: Rebright Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial platform.
- Angel Round
- Amount Raised: ₹12.8M
- Date: September 2017
- Lead Investors: Ikuto Higashi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series A
- Amount Raised: $5M
- Date: October 2018
- Lead Investors: HealthQuad
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market reach.
- Series B
- Amount Raised: ₹2B
- Date: May 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance supply chain and logistics capabilities.
- Series B
- Amount Raised: ₹1.1B
- Date: November 2019
- Lead Investors: Ackermans & van Haaren, HealthQuad, Toppan Printing
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and improve technology infrastructure.
- Series B
- Amount Raised: ₹256M
- Date: June 2020
- Lead Investors: Ackermans & van Haaren
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and operational expansion.
- Debt Financing
- Amount Raised: $10M
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage working capital and operational expenses.
- Series C
- Amount Raised: ₹4.3B
- Date: September 2021
- Lead Investors: British International Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support international expansion and technological advancements.
- Series D
- Amount Raised: ₹4.9B
- Date: April 2022
- Lead Investors: Lighthouse Funds
- Valuation at Round: $700M
- Motivation Behind the Round: To strengthen technological capabilities and expand global operations.
Total Amount Raised: $200M. Current Valuation: $700M.
Key Investors
- HealthQuad
- Details: HealthQuad is a healthcare-focused venture capital fund. They invest in innovative healthcare companies that aim to improve the quality and accessibility of healthcare services.
- Investment Focus Areas: Healthcare services, medical devices, digital health
- Notable Investments: Medikabazaar, THB (Technology Healthcare Big Data), Medikoe
- Lighthouse Funds
- Details: Lighthouse Funds is a private equity firm that focuses on investing in high-growth, mid-market companies in India. They aim to support businesses with strong growth potential and scalable business models.
- Investment Focus Areas: Consumer products, healthcare, financial services
- Notable Investments: Nykaa, Bikaji Foods, Duroflex
- Ackermans & van Haaren
- Details: Ackermans & van Haaren is a diversified group active in various sectors including marine engineering, real estate, and private equity. They focus on long-term investments that create sustainable value.
- Investment Focus Areas: Marine engineering, real estate, energy, private equity
- Notable Investments: DEME, Bank J. Van Breda & C°, Extensa
- British International Investment
- Details: British International Investment (formerly CDC Group) is the UK’s development finance institution. They focus on investments that support sustainable development and create jobs in developing countries.
- Investment Focus Areas: Infrastructure, financial services, healthcare
- Notable Investments: Not publicly disclosed
- KOIS Holdings
- Details: KOIS Holdings is an impact investment firm that focuses on creating social and environmental impact. They invest in businesses that address critical social issues and generate measurable positive outcomes.
- Investment Focus Areas: Healthcare, education, financial inclusion
- Notable Investments: Not publicly disclosed
What's Next for Medikabazaar?
Medikabazaar stands at the cusp of significant growth, driven by opportunities to enhance technological capabilities and expand its supply ecosystem. The Indian medical device market is projected to grow exponentially, providing a fertile ground for Medikabazaar to deepen its digital-driven distribution channels and improve healthcare efficiency. The company’s recent funding round, led by Lighthouse India Fund, underscores its potential to scale operations both domestically and internationally, particularly in the MENA region.
Future fundraising appears inevitable as Medikabazaar aims to achieve a unicorn valuation. The company’s robust growth trajectory and ambitious plans for acquisitions suggest that additional capital will be essential to support these initiatives. However, challenges such as navigating a fragmented medical distribution industry and managing rapid expansion could pose significant hurdles. Competing with established players and new entrants like Flipkart will also test Medikabazaar’s resilience and strategic acumen.
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