Online B2B marketplace for medical equipment and supplies – Medikabazaar – has raised Rs 112 crore in its latest funding round led by existing investor HealthQuad, new investors- Ackermans & van Haaren, Rebright Partners, and Japan-based Toppan Printing Co.
The latest funding round also witnessed the participation from CBC Co, Elan Corporation, Mitsui Sumitomo Insurance Venture Capital, Kois Invest from Belgium. Besides, angel investors Sunil Kalra and Arun Venkatachalam also invested in their capacity in the Mumbai-based company.
The fresh capital has come around seven months after it had raised $13.9 million from Bain & Co’s Arpan Sheth and Karan Singh in May. Previously, the company had also secured $5 million in a Series A funding round led by HealthQuad in October 2018.
Medikabazaar would utilize the proceeds to enhance its technology suite, supply chain infrastructure, as well as for augmenting its team.
Moreover, the firm has decided to keep its focus on smaller cities and remote areas intending to secure 10% of the organized market share by 2025, sighted an ET report.
Founded in 2014 by Vivek Tiwari and Ketan Malkan, Medikabazaar’s platform enables hospitals and medical establishments to search for their required supplies online, and even compare specifications and prices in real-time.
The company runs its business based on the e-procurement method and assist hospitals in saving 15-20% of their operational costs.
Through its e-commerce website for the purchase of medical devices and hospital supplies, hospitals and doctors can make direct purchases and phase out intermediaries.
At present, Medikabazaar has affiliation with around 5000 medical institutions in India. It claims to stock around 1 lakh medical equipment and sells medical supplies to over 30,000 medical establishments across the country.
Medikabazaar also claims to have 17 fulfilment centers pan-India. Talking about its competition front, the company counts Collateral Medical, PinkBlue, and, Healthkart as its major competitors.
In the near future, Medikabazaar is targeting to diversify into new categories which include devices for vascular surgery, ENT, laser devices for varicose veins, gynecology, interventional radiology, and OT environment safety.