India: HealthQuad-backed Medikabazaar snags $15.8m in Series B funding

B2B online marketplace for medical equipment and supplies Medikabazaar has raised about $15.8 million (Rs 112 crore) in its Series B round of funding led by healthcare-centric VC firm HealthQuad, Belgium-based Ackermans & van Haaren, Rebright Partners & Toppan Printing Co limited from Japan.

Existing investors CBC co., ltd., Elan Corporation, Mitsui Sumitomo Insurance Venture Capital, Kois Invest from Belgium, angel investors Sunil Kalra and Arun Venkatachalam also participated in the round, along with a few other prominent angel investors.

The funding is in line with Medikabazaar’s plans for rapid expansion and product diversification, with a target to reach $100 million in revenue and 5X growth by the end of the current financial year, it said in a statement.

The funds from the current round will be used to augment its technology capabilities and supply chain infrastructure as well as building its team strength. The company’s current focus is on optimising its fulfillment capabilities for better delivery management, especially across tier 2, tier 3 cities and rural areas.

Vivek Tiwari, founder and CEO, Medikabazaar, said, “At present, Medikabazaar has 17 fulfillment centres pan-India, and the current investment will help us grow this number over the next few years by establishing a larger number of distribution hubs.”

“We are aiming to secure 10% of the organized market share by 2025, and will continue to channel our efforts towards this goal, with a key focus on smaller cities and remote areas,” he added.

Founded in 2015 by IIM alumnus Tiwari and serial entrepreneur KetanMalkan, Medikabazaar had earlier raised $5 million in a funding round led by Quadria Capital-backed HealthQuad, followed by an undisclosed amount of funding earlier this year from prominent industry leaders Karan Singh, MD, Bain & Co & Arpan Sheth, Partner Bain & other angel investors.

The company claims to have over 300,000 products on its platform relating to oncology, neurology, dentistry, minimally invasive diagnostics and other therapeutic areas. The company further plans to diversify into other categories such as devices for vascular surgery, ENT, laser devices for varicose veins, gynaecology, interventional radiology and OT environment safety.

The company also has plans to foray into pharma supplies in a large manner.

John-Eric Bertrand, a member of the executive committee of AvH: “Medikabazaar’s offering addresses the challenges currently faced by many Indian healthcare providers related to procurement and inventory management, such as ordering from multiple vendors, lack of adequate information on products and pricing, inventory shortages and inefficient logistics.”

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.