Healthcare Platform Medikabazaar raises $75 million led by Creagis & Others
Medikabazaar, a health tech platform, announced that it has raised $75 million in a Series C investment led by Creagis and CDC Group, the UK's development financing agency.
Existing investors such as Belgium's Ackermans & van Haaren (AvH), HealthQuad Advisors Private Limited, Japan's Rebright Partners, Kois Holdings, and Sumitomo Mitsui Financial Group took part in the round.
Individuals estimate that the company is worth between $250 million and $260 million as a result of this investment.
The funds will be used to improve Medikabazaar's digital capabilities, as well as to expand the supply ecosystem and technology-driven distribution channels.
Medikabazaar will use the funds to expand its worldwide activities, particularly in the Middle East, North Africa, and Southeast Asia.
Medical supplies are being provided via the six-year-old portal to clinics and hospitals.
"We are delighted to welcome CREAEGIS and the CDC Group on board as investors. We are impressed by the digital transformation track-record of Creaegis and look forward to creating a technology driven platform serving the healthcare ecosystem. The funds raised will enable us to enhance our international operations and deepen our presence in the Indian B2B healthtech industry," said Vivek Tiwari, founder and chief executive officer, Medikabazaar.
“With over 100,000 medical establishments, over 150,000 independent medical professionals and more than 15,000 seller partners already on board, we are aiming for a 300% growth through FY22," added Tiwari.
According to a statement, about half of Medikabazaar's sales are to smaller hospitals and nursing homes, and about 60% of its consumers live outside of major cities.
“The healthcare ecosystem needs deep digital transformation to deliver efficient care and Medikabazaar has pioneered a unique digital supply chain platform to scale hospitals and clinics across the country. We look forward to building a leading next generation company with Vivek and team and are fully committed to bringing Creaegis’s digital operating capabilities and relationships to support this journey," said Prakash Parthasarathy, managing partner of Creaegis.
Existing investors such as Belgium's Ackermans & van Haaren (AvH), HealthQuad Advisors Private Limited, Japan's Rebright Partners, Kois Holdings, and Sumitomo Mitsui Financial Group took part in the round.
Individuals estimate that the company is worth between $250 million and $260 million as a result of this investment.
The funds will be used to improve Medikabazaar's digital capabilities, as well as to expand the supply ecosystem and technology-driven distribution channels.
Medikabazaar will use the funds to expand its worldwide activities, particularly in the Middle East, North Africa, and Southeast Asia.
Medical supplies are being provided via the six-year-old portal to clinics and hospitals.
"We are delighted to welcome CREAEGIS and the CDC Group on board as investors. We are impressed by the digital transformation track-record of Creaegis and look forward to creating a technology driven platform serving the healthcare ecosystem. The funds raised will enable us to enhance our international operations and deepen our presence in the Indian B2B healthtech industry," said Vivek Tiwari, founder and chief executive officer, Medikabazaar.
“With over 100,000 medical establishments, over 150,000 independent medical professionals and more than 15,000 seller partners already on board, we are aiming for a 300% growth through FY22," added Tiwari.
According to a statement, about half of Medikabazaar's sales are to smaller hospitals and nursing homes, and about 60% of its consumers live outside of major cities.
“The healthcare ecosystem needs deep digital transformation to deliver efficient care and Medikabazaar has pioneered a unique digital supply chain platform to scale hospitals and clinics across the country. We look forward to building a leading next generation company with Vivek and team and are fully committed to bringing Creaegis’s digital operating capabilities and relationships to support this journey," said Prakash Parthasarathy, managing partner of Creaegis.
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