B2B medical supply chain platform MedikaBazaar has scooped up $65 in a new funding round led by Lighthouse India Fund III. Lighthouse has invested $30 million while existing investors Creaegis, Health Quad, Ackermans & van Haaren, British International Investment (formerly CDC) and KOIS Holdings also joined the round.
In September last year, Medikabazaar had raised $75 million in its Series C round led by Creaegis.
According to Medikabazaar, the fresh proceeds will strengthen its technological capabilities, deepen the supply ecosystem, distribution channels, and improve the efficiency of the healthcare sector in India and expand its global operations.
While the company didn’t disclose its valuation in the round, according to sources Medikabazaar has been valued at $700 million in the new round. The Mumbai-based company was valued at around $235 million during the last fundraise.
Founded by Vivek Tiwari and Ketan Malkan, seven-year-old Medikabazaar enables hospitals and medical establishments to discover supplies, compare specifications and prices in real-time. The product on the B2B platform includes hospital devices, materials, medical consumables, and dental tools among others.
According to the company, its procurement platform is being used by 70,000 hospitals and healthcare establishments across 20,000 pin codes in the country.
Medikabazaar claims to have grown its sales by 25X over the last three years as the company saw growing demand from healthcare delivery providers and partnerships with domestic and international brands. The company further added that its growth and focus on unit economics have helped it turn EBITDA positive.
This can also be noticed in Medikabazaar’s annual financial report for FY21 during which its operating revenue surged 3.3X to Rs 558.95 crore from Rs 168.55 crore in the preceding financial year or FY21. As per Fintrackr’s analysis, Medikabazaar had generated its entire income from the supply of medical instruments, consumables and disposables.
Medikabazaar had posted a loss of Rs 11 lakh in FY21 as compared to Rs 9.26 crore in FY20, placing it at the doorstep of profitability.