Medikabazaar, a B2B healthtech platform raised $75 million in a Series C funding round led by Creaegis and CDC Group, the UK's development finance institution, making it the largest fundraising round in the B2B healthcare industry.

The funds are said to be invested into improving the company's digital capabilities, expanding the supply ecosystem and technology-driven distribution channels, and increasing capacity.

The money will also help the company expand its foreign operations in the Middle East, North Africa, and Southeast Asia.

Medikabazaar was established in 2015 by Vivek Tiwari and Ketan Malkan, enabling small healthcare providers serving local communities optimise the medical supply chain, resulting in greater availability of medical goods, transparent pricing, and cheaper procurement costs. According to the company, about half of Medikabazaar's sales go to smaller hospitals and nursing homes, while about 60 percent of its consumers live outside of major cities.

The load on the healthcare system has been increased by Covid-19, resulting in a supply-demand crunch amid an emergency crisis. Medikabazaar is said to have been able to close the market gap and improve the healthcare ecosystem's demand prediction capabilities thanks to its data-driven AI and ML platform.

This is especially when aspects like supply chain restrictions, capacity limits, and the lack of transparent pricing are all chronic stress factors in India's highly fragmented healthcare sector. Small and medium hospitals and nursing homes face these issues because they lack access to the requisite inventory and timely availability of high-quality healthcare products.

"Our operations have grown massively in the last fiscal year. We are looking for a 300 percent increase through FY22, with over 100,000 medical institutions, over 150,000 independent medical experts, and over 15,000 vendor partners already on board”, states Tiwari, who is the founder and CEO of Medikabazaar.

“To deliver efficient care, the healthcare ecosystem requires profound digital transformation, and Medikabazaar has pioneered a unique digital supply chain platform to scale hospitals and clinics across the country”, says Creaegis Managing Partner Prakash Parthasarathy.

Ackermans & van Haaren (AvH), HealthQuad Advisors Private Limited, Rebright Partners, Kois Holdings, and Sumitomo Mitsui Financial Group were among the existing investors in the round.

As a result of this investment, people believe that the company is valued between $250 million and $260 million.

CREAEGIS and the CDC Group have joined us as investors, which we are very excited about. Creaegis' track record in digital transformation impresses us, and we look forward to working with them to build a technology-driven platform for the healthcare sector. With the funds raised, we will be able to expand our overseas operations and strengthen our position in the Indian B2B healthtech industry”, adds Tiwari.