The company will use the funds to strengthen its digital capabilities, deepen the supply ecosystem and technology driven distribution channels, and bolster capacity, it said in a release.
The funding will also help the startup grow its international operations across MENA and Southeast Asia markets.
Existing investors, Ackermans & van Haaren (AvH), HealthQuad Advisors Private Limited, Rebright Partners, Kois Holdings and Sumitomo Mitsui Financial Group also participated in the round.
Founded in 2015 by Vivek Tiwari and Ketan Malkan, Medikabazaar helps streamline the medical supply chain, resulting in improved availability of medical supplies, transparent pricing and ensure lower procurement costs for small healthcare providers serving local communities. Currently, about 50% of Medikabazaar’s sales are to smaller hospitals and nursing homes, and around 60% of its customers live outside large metro cities, the company said.
“Covid-19 has exacerbated the stress on the healthcare system, causing a supply-demand crunch during an emergency situation. Medikabazaar, through its data driven AI and ML based platform, has been able to address the market gap and enhance the demand prediction capabilities of the healthcare ecosystem,” the release said.
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“The last fiscal has seen a remarkable rise in our operations. 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,” said Vivek Tiwari, founder and CEO, Medikabazaar.
In India’s extremely fragmented healthcare sector – supply chain, capacity constraints, and absence of transparent pricing, act as chronic stress factors for the more than 100,000 healthcare service providers. These challenges impact small and medium hospitals and nursing homes that lack access to the required catalogue and timely availability of quality healthcare supplies.
“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,” said Prakash Parthasarathy, Managing Partner of Creaegis.
“As the UK’s development finance institution, CDC has a strong record of mobilising capital for social impact. This new investment into Medikabazaar in India will help improve healthcare quality and increase access to a wider range of medical supplies through its innovative platform,” said British High Commissioner to India Alex Ellis.