Online medical supplies aggregator Medikabazaar has raised $5 million in Series A round of funding led by healthcare-focussed venture capital firm Healthquad Advisors.
Other investors in the Series A round include Japan-based Mitsui Sumitomo Insurance Venture Capital, Sasaki Foods and CBC Co Ltd, Belgium-based Kois Invest, and Ireland-based Elan Corporation. Existing investors such as Rebright Partners, Sunil Kalra and Arun Venkatachalam also participated in the round.
The fresh capital will be used by Medikabazaar for strengthening its technology back-end and ramping up hiring across verticals including senior leadership. It will also be used to streamline Medikabazaar's supply chain and logistics capabilities. The company will further use the money to expand its network to 50,000 hospitals and clinics by the end of the next financial year.
Vivek Tiwari, Founder and CEO, Medikabazaar, said, "We have strategically partnered with HealthQuad to strengthen our foothold in the healthcare industry."
Amit Varma, Founder of Healthquad, said, "In a price sensitive healthcare environment, cost optimization and quality delivery will become critical success factors for any healthcare provider. Medikabazaar has disrupted the entire supply chain model, to directly reach hospitals and clinics across metros and smaller towns, offering competitively priced quality products in the desired time-frame through its technology platform."
