Mumbai: Collateral Medical, online distributor of Medical Devices, raised $3.5 million in a Series A investment from Carpediem Capital.
The funds will be used towards strengthening the company’s distribution capabilities, expanding the service network and strengthening the IT infrastructure. Intellecap’s Investment Banking Group exclusively advised Collateral Medical on closing the deal with Carpediem Capital.
Collateral Medical, one of the leading medical device marketing and distribution companies, focusses on supplying medical devices for doctors, clinics, and small & medium hospitals present in Tier II and III cities in the country.
Commenting on the investment, Nikhilesh Tiwari, Founder and CEO, Collateral Medical said, “It has been wonderful developing a platform to serve doctors, standalone clinics and small hospitals who struggle to source medical devices. The fund infusion will help us improve and enhance our capabilities to serve medical community better and we are excited to have Carpediem Capital join us as trusted partners in our journey for the next level of growth.”
Sanjay Jha, Director, Collateral Medical adds that “With the focus of ensuring reasonable pricing, we helped thousands of doctors in 400 plus districts in 28 states to bring their cost down.”
Abhishek Sharman, Founder and Managing Director, Carpediem Capital said, “We believe that Collateral Medical has identified a niche and underserved market. The company is delivering value to OEMs in reaching their end customers and is also providing a compelling proposition to the customers in the form of transparency, service and range of products. We believe this funding will help them enhance their capabilities and services to their customers.”
Gagandeep Bakshi, Head, Investment Banking, Intellecap said, “Collateral Medical has created a capital efficient distribution model that has resulted in price transparency and efficient outreach in Tier II and III cities. They have also managed customer stickiness and retention by providing after sales service. They are one of the only players in the market addressing the pain points of both suppliers and customers.”