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.