Digital healthcare platform MediBuddy has raised $125 million in Series C funding from Quadria Capital and Lightrock India along with participation from existing investors Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures, and Alteria Capital.
The Bengaluru-based company had previously raised $40 million in its Series B round in February last year, eight months after its merger with online doctor consultation platform DocsApp. Both MediBuddy and DocsApp operate under a single brand name: MediBuddy.
With the new round of funding, Medibuddy will further invest in customer awareness, hiring, strengthening technology platforms including data science capabilities, clinical research, and product development, said the company in a press release.
The company, however, did not disclose its valuation. According to Fintrackr’s estimate, the combined entity (DocsApp and MediBuddy) was valued at $164-167 million after Series B round.
MediBuddy helps its users consult specialist doctors, order medicines and book lab tests from the comfort of their homes. It is also a partner to several leading corporate customers in the country and helps their employees access multiple healthcare benefits.
The app connects patients to experienced and verified doctors for online consultations across 18 specialities such as Dermatology, Paediatrics, Gynaecology and others via chat, video or voice call.
Medibuddy claims that it has over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies and a 1500-member team located across 22 Indian cities.
MediBuddy competes with a clutch of companies including Lybrate, Practo, mFine, 1mg and DoctorInsta among several others.
For the fiscal year ending on March 31, 2021, MediBuddy’s revenue from operations increased 41% to Rs 22.88 crore from Rs 16.17 in FY20, as per the company’s regulatory filings. During the period, the company’s expenses surged 14% to Rs 116.43 crore from Rs 101.96 crore in the previous year. As a result, it incurred a 6% rise in losses to Rs 89.67 crore in FY21 from Rs 84.24 crore in FY20.