An exciting health tech startup announced a funding of USD 125 million
Health tech, health + technology. A change, an improvement in the traditional healthcare industry.
Let us talk about the health tech industry. First of all, explaining what a health tech is, refers to the use of technologies that are developed for the purpose and the motive of bringing an improvement in any or all the sectors and aspects of the healthcare system. These are the IT tools that are designed so that the productivity of the hospital can improve, new insights can be gathered from the medicines and treatments done, and eventually improve the overall quality of healthcare. With the technology being used, the waiting times of the patients in the hospitals are being reduced and there is the better staff. All the credit for this goes to artificial intelligence and predictive analytics.
The health tech industry had the capability to bring down the traditional and old healthcare system which comprised of high costs, long waiting times, inefficiency in drug development, and very little access to insurance and healthcare providers. The health tech industry which is the upcoming sector of the healthcare industry is bringing a change, it is bringing a revolution that can save tonnes of money and time, and reduce and to an extent extinguish the fatalities in the surgeries.
Now coming to the health tech industry in our country, India, the market is expected to grow at a CAGR of 39% from the financial year 2020 to the financial year 2023. According to some sources, the value of the health tech industry is expected to reach USD 50 billion by the end of the year 2033. Our country has around 6878 health tech startups. Some of the very big names in the health tech industry of our country are PharmEasy, HealthifyMe, Medplus, and many others.
Let us now talk about the funding of a startup that is working in the health tech industry, which has taken place recently and has been spreading far and wide.
Announcement of funding of a health tech startup
The startup, MediBuddy has raised funds worth USD 125 million, as announced on February 22, 2022. This round of funding that has taken place and we are talking about is the Series C round of funding and was carried on by Quadria Capital and Light rock India. The other participants who took part in this round of funding were the existing investors of the startup, who included Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, Jafco Asia, Team Fund LP, FinSight Ventures, InnoVen Capital, Stride Ventures, and Alteria Capital.
The startup has plan of action to use the funds raised to make investments in customer awareness, hiring. The startup is also planning to use a portion of the funds raised in strengthening its technology platform which will also include data science capabilities, clinical research, and product development. The exclusive advisor of this round of funding was Avendus Capital, which is an investment bank.
The startup before this round of funding had also raised USD 40 million in the late 2020s and early 2021s. That round of funding was the Series B round of funding and the investors in that round of funding were TeamFund LP, India Life Sciences Fund III, and many others.
About the health tech startup that has announced its funding
The health tech startup, MediBuddy was founded in the year 2020 by Satish Kannan and Enbasekar D and is engaged in providing 24*7 access to the doctors who are specialists through video calls, doorstep delivery of the medicines, lab tests at home, support in mental health, and many other healthcare services. The startup claims to be the largest digital healthcare platform in the country. The vision of the startup is to make high-quality healthcare accessible to a billion people. The mission of the startup is to combine the healthcare domain, science, AI technology, and human intervention to provide world-class preventive and therapeutic healthcare services.
Now coming to the founders of the startup,
Satish Kannan is the CEO and the co-founder of the startup. He is an alumnus of IIT Madras. He is an avid reader, who spends his free time sitting in a corner busy in the world of books, and has a passion for keeping himself fit. His name has been on the list of Forbes 30 under 30 in the year 2017 in the list of Asia and in the year 2018 in the list of India. He has also been awarded “Young Achiever of the Year” in the year 2020.
Enbasekar D is the CTO and the co-founder of the startup. He is a B.tech and M.tech graduate from IIT Madras. He is a football player. He has been on the list of Forbes 30 under 30 in the year 2017 in the list of Asia and in the year 2018 in the list of India.
The startup has more than 1200 employees working in 22 locations like Delhi, Lucknow, Chandigarh, Jaipur, Indore, Patna, Kolkata, Jamshedpur, Goa, Mumbai, Pune, Chennai, Madurai, Baroda, Ahmedabad, and many others. It has 90000 doctors at the service, 7000 hospitals, 2500 pharmacies onboard, and 3000 diagnostics centers as partners. Talking about the impact made by the startup, it has done more than 13000000 consultations done, more than 7800000 lab tests done, more than 200000 vaccine doses administered, and more than 9700000 medicines delivered.
About Quadria Capital
Founded in the year 2012 by Abrar Mir and Dr. Amit Varma and having its headquarters in Singapore, Quadria Capital is an independent healthcare company that has its focus on private equity and has the specialization in the growth capital investments in the small-cap and middle-market companies which are operating in the healthcare sector across South and Southeast Asia. Quadria Capital has an investment advisory firm that is based in New Delhi, India.
The current investments of Quadria Capital include-
Medica Synergie, Soho Global Health, KPJ Lablink, FV Hospital, Concord Biotech, Asian Institute of Gastroenterology, and Health care at Home. Quadria Capital over the period of time has emerged to be one of the largest healthcare-focused private equity firms in Asia.
About Light rock India
Founded in the year 2021, Light rock India is the global impact investing platform of LGT Group. Light rock India is engaged in consolidating all of the impact investments that have been made around the world. It makes an investment between the range of USD 10 million to USD 50 million in a company. Besides this range, Light rock India also sometimes invests a higher amount in order to help the startup in fulfilling its mission and goals.
The startup has been doing an amazing job. We wish the startup a piece of good luck and hope it continues doing this noble work and achieves huge success and prosperity in the coming future!
edited and proofread by nikita sharma