Medikabazaar, a business-to-business (B2B) online marketplace for medical supplies, on Tuesday said it has raised $65 million (around Rs 494 crore) in a funding led by private equity firm Lighthouse’s India Fund III.
Lighthouse led the round with a $30 million (Rs 225 crore) investment, with participation from existing investors Creaegis, Health Quad, Ackermans & van Haaren, British International Investment (formerly CDC) and KOIS Holdings.
Medikabazaar is Lighthouse's fourth investment in the healthcare sector.
Suraksha Diagnostic, a diagnostic services chain in East India, Poly Medicure, a medical equipment company, and Tynor Orthotics, orthopaedic appliances and fracture assistance brand, are among the companies it has previously invested in.
“We continue to invest heavily in our tech capabilities and operations to further improve our goal of making healthcare available, accessible, and affordable in India and replicating our success in international markets.
The funding will enable us to expand and deepen our presence in the Indian B2B health tech industry and help power our global ambitions,” said Vivek Tiwari, Founder and CEO at Medikabazaar.
The company raised $75 million in a Series C investment led by Creaegis and CDC Group in September 2021. It had secured $15 million in Series B funding in November 2019.
Medikabazaar, operated by Boston Ivy Healthcare Solutions Pvt. Ltd, was started in April 2015 by Vivek Tiwari and Ketan Malkan.
Its B2B e-commerce marketplace lets customers buy medical devices and hospital supplies directly. It connects hospitals and clinics with manufacturers, distributors, and re-sellers of equipment and consumables. The platform list the offerings under broad categories such as medical equipment, medical devices, consumables, disposables, and hospital furniture.
“The highly fragmented and inefficient medical distribution industry gives Medikabazaar fertile conditions for growth and scale. Medikabazaar has proven to offer sustainable solutions to OEM and healthcare delivery partners, and we believe the Company will continue to maintain its pole position in the industry.
The company has achieved scale in a capital-efficient manner which adds to its strength,” Rochelle Dsouza, Managing Director at Lighthouse Advisors said.
Lighthouse is a mid-market private equity firm focusing on India's growth markets. Lighthouse manages more than $500 million in assets and has invested in over 25 companies in consumer brands, digital transformation, healthcare, and speciality manufacturing.
Indian companies that Lighthouse has invested in include Bikaji Foods, Nykaa, Duroflex Mattresses, Fabindia, Ferns N Petals, Cera Sanitaryware, Dhanuka Agritech, Kama Ayurveda, Poly Medicure, Shaily Engineering, Tynor Orthotics, Wow! Among others, Momo.