The Healthtech Medikabazaar platform, which works in B2B services, raised $ 75 million in a Series C funding round, Indian Retailer reported.
The company will use the money to strengthen its digital capabilities, make the supplier ecosystem smarter, and build more capacity to supply more medical suppliers in various geographies, helping the company to strengthen its international operations, especially in the region. Middle East and North Africa (MENA) as well as Southeast Asia, according to the report.
In addition, Medikabazaar will also help streamline India’s medical supply chain. The company will work to improve the availability of medical supplies, make pricing more transparent and help reduce procurement costs for small healthcare providers who work primarily with local communities, the report says. .
About half of Medikabazaar’s sales go to small hospitals and nursing homes, and about 60% of its customers live outside major cities, according to the report.
The round was led by CREAEGIS and the CDC Group, a UK-based development finance institution, according to the report. Other investors included Ackermans and van Haaren (AvH), HealthQuad Advisors, Rebright Partners based in Japan, Kois Holdings based in mainland Europe and Sumitomo Mitsui Financial Group.
“The Series C funding has also seen our existing investors trust us as we continue our rapid growth in transforming the state of the healthcare and infrastructure sector in India,” said Founder and CEO of Medikabazaar , Vivek Tiwari, in the report. “The funds raised will allow us to improve our international operations and deepen our presence in India’s B2B healthcare technology industry. “
In other medicine-related B2B news, MedPay, which uses artificial intelligence (AI) to make prompt payments from health insurance companies to providers such as doctors or pharmacies, raised 1.2 million dollars last month in a first round of funding.
Read more: MedPay in India puts $ 1.2 million at stake to tie insurance and healthcare payments
MedPay wants to build India’s largest integrated primary health care network and enable health centers to accept insurance payments in real time.