MediBuddy secures $18 Mn for acquisitions and expansion

Digital healthcare platform Medibuddy has secured an additional $18 million from the existing investors Quadria Capital, Lightrock, and TEAMFund.

In June 2022, MediBuddy announced its merger with rival DocsApp. The joint entity managed to raise over $180 million since their merger including a $125 million Series C round in February last year.

A large chunk of these funds will be used for strategic acquisitions and strengthening its existing offerings, the company said in a press release. In the past 12 months, MediBuddy has acquired online medical consultation platform Clinix and US-based Aetna Inc’s vHealth by Aetna business.

MediBuddy helps its users consult specialist doctors, order medicines and book lab tests online. The company deals across 18 specialities such as dermatology, paediatrics, gynaecology and others via chat, video or voice call.

It also partners with several leading corporate customers and helps their employees access multiple healthcare benefits Medibuddy claims to have over 90,000 doctors, 7,100 hospitals, 4,000 diagnostic centres and 2,500 pharmacies and a 2,200-member team located across 22 Indian cities.

While MediBuddy is yet to file its FY23 numbers, the company’s operating revenue grew 58.5% to Rs 234 crore in FY22 from Rs 147.6 crore in the previous fiscal year (FY21). According to the company, it has achieved a compound annual growth rate (CAGR) of 95.5% over the past three years.

MediBuddy competes with a clutch of companies including Pristyn Care-owned Lybrate, Practo, 1mg and DoctorInsta among several others.