Medikabazaar raises $5m in round led by Quadria Capital-backed HealthQuad

Online medical supplies aggregator Medikabazaar has raised $5 million in a funding round led by Quadria Capital-backed healthcare venture capital fund HealthQuad.

Other investors in the Series A round include Elan Corporation, Sasaki Foods, CBCCo. Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital and its existing investors Sunil Kalra, Arun Venkatachalam & Rebright Partners II Investment Partnership.

Mumbai-based Medikabazaar plans to use this funding to strengthen technology and increase its team size including senior leadership, according to an official statement.

It also plans to use the latest capital to streamline its supply chain and logistics capability to reach 50,000 hospitals and clinics by the end of next financial year, as well as increase its fulfillment centres to over 20 from seven now.

“In a price sensitive healthcare environment, cost optimization and quality delivery will become critical success factors for any healthcare provider. Medikabazaar has disrupted the entire supply chain model, to directly reach hospitals and clinics across metros and smaller towns, offering competitively priced quality products in desired time-frame through its technology platform,” said HealthQuad founder Amit Varma.

HealthQuad was founded in 2016 by the co-founders of Singapore-based healthcare-focused private equity firm Quadria Capital, Amit Varma and Abrar Mir, as its venture capital arm to capture opportunities in the healthcare sector at an early stage.

Recently, DEALSTREETASIA had reported that Quadria Capital-backed HealthQuad was looking to raise a $100-million vehicle in 2019, a big jump after the $12 million vehicle it had closed in June 2016.

Founded in 2015 by IIM alumnus Vivek Tiwari and serial entrepreneur KetanMalkan, Medikabazaar had earlier raise $1 million in pre-series A round of funding by Rebright Partners II Investment Partnership, Sunil Kalra and Arun Venkatachalam and another angel investor from Japan.

Also Read:

India: Quadria-backed HealthQuad mulls raising $100m second fund in 2019

India: Strand Life Sciences raises up to $13m from Quadria Capital

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.