Scripting a survival
Zee’s founding family plots a twist in the tale and stays in control
B2B healthtech start-up Medikabazaar on Thursday announced that it has raised $75 million in Series C funding round led by CREAEGIS, along with CDC Group, the UK’s development finance institution and existing investors.
Existing investors including Belgium-based Ackermans & van Haaren (AvH), HealthQuad Advisors Private Limited, Japan-based Rebright Partners, Continental Europe-based Kois Holdings and Sumitomo Mitsui Financial Group also participated in the round.
The Mumbai-based start-up claimed that the investment is the highest ever funding in the B2B Health-tech space. The fresh capital will be used to strengthen Medikabazaar’s digital capabilities, deepen the supply ecosystem & technology driven distribution channels, and bolster capacity to provide a wider range of leading-edge quality medical supplies across diverse geographical regions.
Medikabazaar also plans to augment its international operations especially across MENA and South East Asia markets.
The investment will enable Medikabazaar to further streamline the entire medical supply chain in India, resulting in improved availability of a wide assortment of medical supplies, transparent pricing and ensure lower procurement costs for small healthcare providers serving local communities. Currently, about 50 per cent of Medikabazaar’s sales are to smaller hospitals and nursing homes, and around 60 per cent of its customers live outside large metro cities. It uses data driven AI and ML based platform, which has been able to address the market gap and enhance the demand prediction capabilities of the healthcare ecosystem.