Online medical supplies platform Medikabazaar raises Rs 112 cr in Series B funding
The funding was led by healthcare-centric venture capital fund HealthQuad, Belgium-based diversified group Ackermans & van Haaren, investment firm Rebright Partners and Japan's Toppan Printing Co Limited, which is also making its maiden startup investment in India.
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Medikabazaar, India's largest online business-to-business (B2B) platform for medical supplies, has secured Rs 112 crore during a Series B funding round.
The funding was led by healthcare-centric venture capital fund HealthQuad, Belgium-based diversified group Ackermans & van Haaren, investment firm Rebright Partners and Japan's Toppan Printing Co Limited, which is also making its maiden startup investment in India.
Existing investors CBC Co Ltd, Elan Corporation, Mitsui Sumitomo Insurance Venture Capital, Belgium's Kois Invest, along with a few prominent angel investors like Sunil Kalra and Arun Venkatachalam, also participated in the funding round.
The funds will be used to augment the company's technology capabilities and supply chain infrastructure, as well as to build its team strength. The company is currently focussed on optimising its fulfillment capabilities for better delivery management, especially across tier 2 and tier 3 cities and rural areas.
The company said the funding is in line with its plans for rapid expansion and product diversification, with a target of $100 million in revenue and five times the growth by the end of the current financial year.
Speaking on the funding, Vivek Tiwari, Founder and CEO, Medikabazaar, said, "We are aiming to secure 10 percent of the organised 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 that the current investment will help grow the company's distribution footprint across India.
Medikabazaar currently has 17 fulfillment centres across the country.
Medikabazaar has previously raised around $5 million from HealthQuad, Kois, Rebright, MSIVC, CBC Co, Elan Corporation, Sasaki Foods, Sunil Kalra and Arun Venkatachalam in its Series A round in October 2018. This was followed by an undisclosed amount of funding earlier this year from corporate executives like Karan Singh, Managing Director, Bain & Company, Arpan Sheth, Partner, Bain & Company and other angel investors.
Original Source: https://www.moneycontrol.com/news/business/companies/online-medical-supplies-platform-medikabazaar-raises-rs-112-cr-in-series-b-funding-4649531.html