Medikabazaar raises USD 5 mn in Series A funding

Online aggregator for medical supplies Medikabazaar Monday said it has raised USD 5 million (over Rs 36.5 crore) in Series A round of funding led by healthcare venture capital fund HealthQuad.

Other investors in the round include Elan Corporation, Sasaki Foods, CBCCo Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital and existing investors Sunil Kalra, Arun Venkatachalam and Rebright Partners II Investment Partnership, Medikabazaar said in a statement.

"We have strategically partnered with HealthQuad to strengthen our foothold in the healthcare industry," Medikabazaar Founder and CEO Vivek Tiwari said.

The company plans to use this funding to strengthen technology and increase its team size including senior leadership, Medikabazaar said.

The fund will also be used to streamline supply chain and logistics capability to reach 50,000 hospitals and clinics by the end of next fiscal, it added.

"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," HealthQuad founder Amit Varma said.