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Medikabazaar ropes in CDC Group and PE fund Creaegis as new backers
Photo Credit: 123RF.com

Medikabazaar, a business-to-business (B2B) online marketplace for medical supplies, has raised $75 million in its Series C round of funding led by local private equity fund Creaegis Principals LLP.

UK's CDC Group Plc joined Creaegis as a new investor. Avendus advised Medikabazaar on the transaction. 

Existing investors that participated in this round include Belgium-based Ackermans & van Haaren (AvH), HealthQuad Advisors Pvt Ltd, Japan-based Rebright Partners, Belgium-based Kois Holdings and Sumitomo Mitsui Financial Group.

The company will utilise the capital to to strengthen its digital capabilities, deepen the supply ecosystem and tech-driven distribution channels, and bolster capacity to provide a wider range of medical supplies across geographical regions.

"The funds raised will enable us to enhance our international operations and deepen our presence in the Indian B2B healthtech industry," said Vivek Tiwari, founder and CEO of Medikabazaar.

VCCircle was the first to report in July that the company is in advanced discussions with Creaegis Principals LLP set up by Prakash Parthasarathy who was investment chief of Premji Invest which is the family office of ex-Wipro chairman Azim Premji. 

In December 2019 VCCircle reported that Creaegis Principals LLP, incorporated not long after Parthasarathy quit the family office in early 2017, would float a fund to likely raise about $400 million (Rs 2,868 crore).  

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 connects hospitals and clinics with manufacturers, distributors, and re-sellers of equipment and consumables.

 The platform lists offerings under broad categories such as medical equipment, medical devices, consumables, disposables, and hospital furniture.

The firm, which provides services to over two lakh customers across 18 countries, had posted net sales of Rs 168 crore for fiscal year 2019-20 as against Rs 54 crore for the year-ago period, according to VCCEdge, the data intelligence platform of Mosaic Digital.

It had last secured $15 million in Series B funding in November 2019.  

Several other health-tech ventures have attracted investor attention in the recent past. 

In August this year, Bengaluru-based employee health benefits platform Onsurity raised a Series A funding round of $16 million (about Rs 118.6 crore) led by Quona Capital along with existing investors Nexus Venture Partners and Whiteboard Capital. 

In July, LeapFrog and Khosla Ventures led a $75 million (around Rs 560 crore) Series C round investment in Bengaluru-based health and fitness platform HealthifyMe.  

Mid-market private equity firm SeaLink Capital Partners invested in clinical research and data analytics startup Sekhmet Technologies. 

This year also saw e-pharmacy startup PharmEasy signing a definitive agreement to acquire a majority stake in diagnostics firm Thyrocare Technologies for Rs 4,546 crore ($613 million), in a defining deal that would see a startup buying a traditional listed company in India.

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