Medikabazar, a Mumbai-based online B2B aggregator for medical equipment and supplies, has raised fund worth INR 112 crore. Many investors participated in the funding round that includes venture capital firm Health Quad, Ackermans & van Haare, early-stage Investment Company Rebright Partners and Japan-based Toppan Printing Co. The existing bunch of investors for the company that includes CBC Co, Elan Corporation, Mitsui Sumitomo, Kois, and a bunch of angel investors Sunil Kalra and Arun Venkatachalam also contributed in the investment round. Invest also contributed in the investment round.

The company intends to use the fund to work on its technology suite, supply chain infrastructure, and for expand its employee headcount. “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,” said Vivek Tiwari, chief executive of Medikabazaar. The company which offers 30,000 products on its platform, intends to enter the B2B pharma supply niche where it will be competing with key distributors like Ascent Health and Wellness, which is the owner of online drug story PharmEasy, and the Apollo Hospital-backed Keimed.

Earlier in October 2018, the company had raised $5 million in its series A round. Later on, corporate executives such as Bain & Co’s Arpan Sheth and Karan Singh also invested an undisclosed amount in the company.

Medikabazar was founded by Tiwari and Ketan Malian in 2015. The company is now trying to cater to tier-2, tire-3 and rural areas of India. It also planning on supplying devices for vascular surgery, laser devices for varicose veins, gynecology, interventional radiology, and OT environment safety. According to Tiwari, the company with its latest investment will grow its current fulfillment centre which is now seventeen to other parts of the country.