MediBuddy raises Rs 25 crore debt fund from InnoVen Capital

Digital healthcare platform MediBuddy has raised Rs 25 crore debt fund from InnoVen Capital, the venture debt firm said on Tuesday.

MediBuddy recently closed around Rs 290 crore Series B round which was led by India Life Sciences Fund III, LLC.

"We have been an active investor in the Healthcare space and believe that tech first, AI-driven platforms like MediBuddy are well-positioned to disrupt the market, and we are delighted to back them in their vision to make quality healthcare accessible for all," InnoVen Capital India Chief Executive Officer (CEO) Ashish Sharma said in a statement.

MediBuddy claims to have a network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies, covering over 95 per cent of all PIN codes.

"We are delighted to enhance our partnership with InnoVen Capital, which has been a partner with us for several years. It makes me immensely proud to say that we now have the most comprehensive network to serve consumers and enterprise clients alike.

"With our recent equity funding as well as venture debt raise, the company is well-capitalised to execute an ambitious growth agenda," MediBuddy co-founder and CEO Satish Kannan said.

In June 2020, to create market leadership in the digital healthcare industry, DocsApp (India's leading online doctor consultation platform) merged with MediBuddy.

Going forward, both MediBuddy and DocsApp will operate under a single brand name -- MediBuddy.