Chennai: B2B technology platform for medical supplies and equipment, Medikabazaar stated that it has raised $15.8 million (Rs 112 crore) in a Series B funding round led by healthcare-centric VC firm, Health Quad, Ackermans and van Haaren of Belgium and Rebright Partners and Toppan Printing from Japan.
The funds will be used for rapid expansion, product diversification, augment the startup’s technology capabilities and supply chain infrastructure as well as building its team strength. The company’s current focus is on optimizing its fulfillment capabilities for better delivery management, especially across tier two, tier three cities and rural areas.
Since inception in 2015, Medikabazaar has introduced state-of-the-art medical devices, tools, materials and services to healthcare providers in the market. These include innovative products in oncology, neurology, dentistry, minimally invasive diagnostics and other therapeutic areas.
Speaking on the funding, Medikabazaar founder and CEO Vivek Tiwari, said, “We are aiming to secure 10 per cent of the organized market share by 2025, and will continue to channel our efforts towards this goal, with a key focus on smaller cities and remote areas.”