An interesting health tech startup announced a funding of USD 65 million
A health tech startup has raised funds in a new round of funding. What an exciting and interesting piece of news it is!
Let us talk about the health tech industry. Health + technolofy= health tech industry. It refers to any technology like medical devices, IT systems, algorithms, artificial intelligence (AI), cloud, and blockchain, which is designed to support healthcare organizations.
The health tech industry in our country is of a value of more than USD 1.9 billion, which is just 1% of the umbrella of healthcare. Let us now talk about the funding of a health tech startup that has taken place recently. Before that, PhableCare had raised USD 25 million on April 11, 2022. This round of funding was the Series B round of funding and was led by Kalaari Capital, along with the participation of Alfac Ventures, Digital Horizon, Stride Ventures, Omron Ventures, SOSV, and Social Starts, and Fresco Capital.
Announcement of funding of a health tech startup
The health tech startup, Medikabazaar has raised funds worth USD 65 million, as announced on April 12, 2022. This round of funding which is under discussion was led by Lighthouse India Fund. The other investors of this round of funding were the existing investors of the health tech startup, which were Creaegis, Health Quad, Ackermans and van Haaren, British International Investment which was earlier called CDC, and KOIS Holdings.
The startup plans to use the funds raised in strengthening its technological capabilities. The startup also has planned to use a portion of the funds raised in deepening its supply ecosystem and distribution channels which are driven digitally. The funds raised will also be used in increasing the digital operating capabilities with the aim to improve the efficiency of the healthcare sector in the country. The startup also has planned to expand its operations around the world.
Now talking about how much investment was contributed, Lighthouse India Fund bought in USD 30 million, and the remaining USD 35 million was bought in by the existing investors of the startup. The value of the health tech startup after this round of funding has increased to USD 700 million. The startup before this round of funding, in September 2021 had raised USD 75 million in a round of funding. That round of funding was the Series C round of funding and was led by Creaegis and CDC group.
About the health tech startup that has announced its funding
The health tech startup, Medikabazaar was founded in the year 2015 by Vivek Tiwari and Ketan Malkan and has its headquarters in Mumbai, Maharashtra. The startup has its focus on transforming health procurement. The startup claims itself to be the largest B2B platform for Medical supplies. The vision of the health tech startup is to bring positive change to the current complex structure of medical supplies and make it easily accessible using the power of technology, breaking all the geographical barriers.
The mission of the startup is to ensure that everyone has access to innovative and quality health treatment driving accessibility, availability, affordability, and awareness. As the startup has evolved from a medical supplies portal to a health tech leader, Medikabazaar remains committed to making a difference in every aspect of healthcare in India. Right from bridging the urban-rural gap, to innovative solutions to help predict demand in hospitals, the startup is devoted to transforming healthcare.
The motto of saving lives is at the core of every business at Medikabazaar. As a supply, delivery, procurement, installation, and service support can prove to be time-critical in healthcare, every member of the health tech organization is dedicated to meeting expectations around the clock. Some of the core values which the startup tries to live by, and as an organization work by them too. The startup is building a platform to ensure that it can help in saving lives.
The core values are-
Open Communication- Transparent, free-flowing, and two-way communication across the organization.
Growth Mindset- As a young startup, it continues to grow and help its employees grow along.
Agility- Moving in swiftly, seamlessly, and cohesively with changing trends and times.
Creative Problem Solving- The startup encourages new ideas, out-of-the-box thinking, and imagination to solve problems.
Solidarity- A positive work environment that ensures a sense of pride and achievement.
Customer Obsession- Customers are the focus of every plan and action of the startup.
Now coming to the journey of the health tech startup, it is as follows-
2015- The startup was started with the simple idea of improving the healthcare of India by making it accessible and affordable. The startup was started with a single room in Mumbai. A website was developed with additional value-added services in which medical establishments can search for their required supplies, order them at the right price and time, and receive them at their doorsteps irrespective of their location.
2016-17- The startup emerged as an industry challenger. It established exclusive partnerships with international manufacturers, was selected as one of eight startups at IBM Smart Camp, and was a finalist at World Startup Expo.
2017-18- It was a year filled with new advancements. The startup raised pre-series A funding, established 4 fulfillment centers, both android and iOS applications were launched, signed MoU with Kalam Institute of Health Technology for Medtech E-Auction service, and signed MoU with Andhra Pradesh MedTech Zone (AMTZ).
2018-19- New deals and new achievements were unlocked. Series A round of funding was raised and was shortlisted in PITCH Top 50 brands. The co-founder of the startup, Vivek Tiwari won BW Young Entrepreneur of 2017, won best MedTech E-tailing solutions company by ASSOCHAM, and introduced flexible payments options.
2019-20- Launched AI-ML tool, VIZI, launched the same-day delivery service, MBGO, came into partnership with AHPI as their value-procurement organization, and enrolled more than 30000 customers. This year, the startup was scaling heights.
2020-21-The startup was growing by leaps and bounds. VZI granted National Patent, on its way to an international patent. Launched MB Freedom and saw significant customer traction from all segments. Procured more than 10000 oxygen concentrators and delivered them to resolve the oxygen crisis. Won the national praise for the largest Mask Awareness Campaign and inoculated Corporate India’s workforces and their families.
From large hospitals to clinics and independent practitioners, Medikabazaar has power over 200000 medical establishments and healthcare professionals around the world. Some of the partners of the startup are Sunshine Global Hospitals, Vasan Eye Care, Yashoda Hospitals, Apollo Spectra, Apollo Hospitals, Wockhardt Life Wins, and others. The health tech startup is the fastest-growing platform in the country. Some of the notable figures of the startup are-
Present in more than 18 countries, has more than 200K customers, serving more than 20000 pin codes, has delivered more than 500 million units, has more than 30 fulfillment centers, and has more than 700K SKUs.
The GMV, which is the Gross Merchandise Value of the startup was USD 350 million for the Financial Year 2022. The startup is hoping to increase it to 2.5 times by the next financial year.
About Lighthouse India Fund
With headquarters in Mumbai, India, Lighthouse India Fund is in the business of helping successful enterprises by adding value to the existing businesses and turning new ideas into opportunities. It helps the companies grow and make a lasting impact. Some of the famous investments of Lighthouse India Fund are Kama Ayurveda, Bikaji, and Nykaa.
What has been said about the deal?
Vivek Tiwari, who is the co-founder of the health tech startup made a statement, according to with the high demand and increase in partnerships with domestic and international medical consumable brands, the sales of the startup have increased by 25 times over the last three years.
The health tech startup is targeting one of the main problems of the healthcare industry. We wish the startup a bit of good luck and hope it has a healthy and prosperous future ahead.
edited and proofread by nikita sharma