Medikabazaar Steps-up For USD $5 Million Series A Funding From HealthQuad
Tuesday, 30 October 2018, 18:21 IST
Mumbai-based Medikabazaaar, an online aggregator for medical supplies raised $5 million in series A round of funding led by HealthQuad, a leading healthcare venture capital fund that is intended to be used to strengthen technology and increase team size including senior leadership. In a price sensitive healthcare environment, cost optimization and quality delivery will become critical success factors for any healthcare provider. Medikabazaar has disrupted the entire supply chain model, to directly reach hospitals and clinics across metros and smaller towns, offering competitively priced quality products in desired time-frame through its technology platform. We are delighted to partner with Medikabazaar and participate in this new age model that fits the low price environment and facilitates adoption by the mass market," said Dr.Amit Varma, founder of HealthQuad.
The fund is also to be used for smooth running of its supply chain and logistics capability to reach Rs. 50,000 hospitals & clinic by the end of the next financial year. Another aim behind the funding is to increase its fulfillment centers from existing 7 to 20+ across India including 2-3 locations. Further, Medikabazaar is soon going to shift its corporate office to new location in Mumbai. Vivek Tiwari, Founder and CEO, Medikabazaar said, "We have strategically partnered with HealthQuad to strengthen our foothold in the healthcare industry. Our goal of providing affordable, accessible and quality healthcare services is mirrored by HealthQuad."
Medikabazaar is evolving the way inventory are purchased in hospitals, and aid the procurement cist by 15-20 percent and also connects with healthcare facilities in tier 2,3 cities and rural areas apart from other urban cities to fulfill their needs. The company is focusing customers including manufacturers, distributors, re-sellers for equipment and consumables who lost their product on online aggreagtors site for sale.
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