Healthtech platform Medikabazaar, which works in B2B services, has raised $75 million in a Series C funding round, Indian Retailer reported.
The company will use the money to bolster its digital capabilities, make the supplier ecosystem more resourceful and create more capacity to supply more medical suppliers across various geographical regions, helping the company boost its international operations, particularly in the Middle East and North Africa (MENA) as well as Southeast Asia, according to the report.
In addition, Medikabazaar will also be helping to streamline India’s medical supply chain. The company will work to improve the availability of medical supplies, make the pricing more transparent and help enable lower procurement costs for smaller healthcare providers that mostly work with local communities, the report stated.
Around half of Medikabazaar’s sales go to smaller hospitals and nursing homes, and around 60% of its customers live outside of the large cities, according to the report.
The round was led by CREAEGIS and the CDC Group, a U.K.-based development finance institution, the report stated. Other investors included Ackermans and van Haaren (AvH), HealthQuad Advisors, Japan-based Rebright Partners, Continental Europe-based Kois Holdings, and Sumitomo Mitsui Financial Group.
“The Series C funding has also seen our existing investors extending their trust in us as we continue on our rapid growth path in transforming the state of the Health-Infra industry in India,” said Medikabazaar Founder and CEO Vivek Tiwari in the report. “The funds raised will enable us to enhance our international operations and deepen our presence in the Indian B2B health tech industry.”
In other medical-related B2B news, MedPay, which uses artificial intelligence (AI) to give quick payments from health insurance companies to providers like doctors or pharmacies, raised $1.2 million last month in an early venture round.
Read more: India’s MedPay Nets $1.2M to Link Insurance, Healthcare Payments
MedPay wants to build the biggest Indian integrated primary healthcare network and let healthcare centers accept insurance payments in real time.
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