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    • Medikabazaar to raise...

    Medikabazaar to raise Rs 200 crore in Series B funding

    GarimaWritten by Garima Published On 2019-05-29T09:30:41+05:30  |  Updated On 16 Aug 2021 10:34 AM IST

    This is being done as part of the Medikabazaar's growth and expansion plans to clock in $100 million in revenues in the financial year 2019-20, he added.


    New Delhi: Medikabazaar, an online B2B platform for medical supplies, on May 28 said it plans to raise Rs 200 crore in Series B funding from venture capital investors in Japan, Belgium and Germany.


    This includes existing investors such as Delhi-based venture capital fund HealthQuad, Rebright Partners, Japan's Mitsui Sumitomo Insurance's venture capital arm, Belgium-based Kois Invest, Medikabazaar said in a statement.


    The funds will be used for the expansion of the company's fulfilment centres, strengthening the technology infrastructure, making last-mile delivery more efficient and investing in logistics automation, it added.




    A significant portion of the funds will go towards further penetrating tier-III and IV cities, as well as potential acquisitions for the company, the statement said.


    We are in talks with our existing investors as well as a clutch of investors based in Japan, Germany and Belgium to raise Rs 200 crore as part of our next fund round," Medikabazaar founder and Chief Executive Officer Vivek Tiwari said.


    Read Also: Desi AI based healthtech startup NIRAMAI raises Rs 42.6 Crore in Series A Funding

    This is being done as part of the company's growth and expansion plans to clock in $100 million in revenues in the financial year 2019-20, he added.


    India is the fourth-largest healthcare provider market in Asia. However, it is also fragmented and unorganised to a large extent, Tiwari said.


    "At Medikabazaar, we are aiming to contribute significantly towards organising this market and are targeting 10 per cent of the organised market share by the end of the next five years," he added.


    Medikabazaar currently has 12 fulfilment centres across the country with warehouses which function as distribution hubs. The company plans to increase this number substantially over the next two financial years, Tiwari said.


    "Our focus has and will continue to be on maximising efficiencies in procurement and inventory management by excelling in last-mile, on-time deliveries," he added.

    DelhifundingHealthcareHealthquadIndiaKois Investlogistics automationmedical suppliesMedikabazaarMedikabazaar CEORebright PartnersrevenueSeries B fundingVenture capitalVivek Tiwari
    Source : PTI

    Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2020 Minerva Medical Treatment Pvt Ltd

    Garima
    Garima

      Garima joined Medical Dialogues in the year 2017 and is currently working as a Senior Editor. She looks after all the Healthcare news pertaining to Medico-legal cases, MCI/DCI decisions, Medical Education issues, government policies as well as all the news and updates concerning Medical and Dental Colleges in India. She is a graduate from Delhi University. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751 To know about our editorial team click here

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