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MediBuddy raises $18mn in additional funding, to grow via acquisitions

A substantial portion of these funds will be meticulously channelled into strategic acquisitions and fortifying its existing offerings

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BS Reporter Mumbai

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Digital healthcare platform MediBuddy announced that it has secured additional funding of $18 million from its existing investors Quadria Capital, Lightrock, and TEAMFund. This infusion of equity capital will allow MediBuddy to grow and expand through strategic acquisitions.

In February 2022, MediBuddy raised $125 million during its Series C funding round. The recent additional funding puts MediBuddy in a position to navigate the current landscape and achieve its ambitious growth targets over the next three years, said the company in a statement.

A substantial portion of these funds will be meticulously channelled into strategic acquisitions and fortifying its existing offerings.

Satish Kannan, co-founder and chief executive officer of MediBuddy, said, "MediBuddy's growth trajectory has consistently achieved a Compound Annual Growth Rate (CAGR) of 95.5 per cent over the past three years. The additional funds will be critical in driving our strategic acquisition initiatives, further expanding our reach, and enhancing the depth and breadth of our services."

This growth has been fuelled by its presence in both Corporate and Retail domains. Two of MediBuddy’s recent strategic acquisitions, such as Clinix, an online medical consultation platform focusing on rural India, and US-based Aetna Inc’s vHealth by Aetna business (Indian Health Organization Private Limited), have further amplified its presence in the healthcare domain.

MediBuddy helps over 35,000 users every day, and critical factors include easy access to a specialist doctor within 10 minutes. MediBuddy currently has an existing customer base of over 3 crore Indians. The company's ability to secure substantial funding and maintain a balanced growth trajectory is a testament to its vision and operational excellence.

The digital healthcare platform has a partner network of over 90,000 doctors across 22 specialities, 7,100 hospitals and clinics, over 4,000 diagnostic centres, and 2,500+ pharmacies along with a team size of over 2,200 members.

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First Published: Aug 30 2023 | 10:07 PM IST

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