The merger of DocsApp and MediBuddy in June appears to have triggered the interest of investors in the company as the combined entity under the brand name of MediBuddy raised back to back rounds within six months of them coming together.
After mopping up $8 million or Rs 58 crore in November, MediBuddy had announced raising $20 million or Rs 145 crore in a new financing tranche led by India Life Sciences Fund in early February.
While the company didn’t disclose the details of the round, we did some number crunching from details available in the company’s regulatory filings. And it shows that MediBuddy has allotted 24,43,578 Series E preference shares at an issue price of Rs 391.03 per share to raise $13.2 million or Rs 95.55 crore.
Private equity firm India Life Sciences Fund led the tranche with Rs 80 crore whereas ALES Global Investment Partnership has put in Rs 15.55 crore. It’s likely that the remaining $7 million Rs 51 crore, out of the announced $20 million, may come at a later stage.
India Life Sciences Fund provides growth capital to pharma, healthcare, animal health and medtech businesses. ALES Global is an existing investor in MediBuddy. Following the infusion, the promoter’s equity was diluted to 19.84% from 21.58%.
Since the merger, MediBuddy has raised over $26.5 million, including this tranche, from Bessemer India and Rebright Partners. Milliways Fund, JAFCO Asia Tech Fund, Team Fund, Fusian Capital and Insight LP are its other backers.
According to Fintrackr’s estimate, the combined entity (DocsApp and MediBuddy) has been valued at $164-167 million or Rs 1,190-1,210 crore in the new tranche.
MediBuddy claims to service over 30 million patients with a partner network of over 90,000 doctors, 7,000 hospitals and 3,000 diagnostic centres. It also facilitates home delivery of medicines with 2,500 partners covering more than 20 cities. MediBuddy competes with a clutch of companies including Lybrate, Practo, mFine, 1mg and DoctorInsta among several others.