New Delhi: A B2B technology platform for medical supplies and equipment, Medikabazaar reportedly said on Monday that it had successfully raised $15.8 million (Rs.112 crore) in a Series B funding round led by Health Quad, a healthcare-centric VC firm, Rebright Partners & Toppan Printing from Japan and Ackermans& Van Haaren of Belgium.
The funds from the current round will be utilised in building its team strength while augmenting the technical capabilities and supply chain infrastructure.
Medikabazaar, co-founded by Vivek Tiwari and Ketan Malkan in 2015 has introduced state-of-the-art medical devices, materials, tools and services to various healthcare providers in the market. All these combine innovative products in neurology, oncology, dentistry, minimally invasive diagnostics and other areas of therapy. The current focus of the company is on optimizing its fulfilment capabilities for better delivery management primarily across Tier 2, Tier 3 cities and rural areas.
The company holds the vision of expanding into more categories such as devices for ENT, laser devices for varicose veins, interventional radiology, vascular surgery, gynaecology and OT environment safety. Medikabazaar has also moved ‘VIZI’,its proprietary AI and ML-based smart inventory tool in order to streamline inventory management for multiple healthcare providers all over the country. Plans to foray into pharma supplies is also one of the many plans of the company.
Founder and CEO, Medikabazaar, Vivek Tiwari reportedly commented on the funding and suggested theyhave plans to secure 10% of the organized market share by 2025 and that they would continue to channel their efforts towards this target, with a key focus onremote areas and smaller cities.
Medikabazaarcurrently has 17 fulfilment centres all over Indiaand according to Tiwari, the current investment would help them grow these numbers over the coming years by developing a larger number of distribution hubs.
Medikabazaar could arrange funding of $5 million in its Series A round in October 2018 followed by an undisclosed amount of funding earlier this year from industry leaders Karan Singh, MD, Bain & Co and Arpan Sheth, Partner Bain and other Angel Investors.