Online medical healthcare startup MediBuddy said Wednesday it has raised USD 40 million in the last tranche of its Series B funding round led by India Life Sciences Fund III, a private equity fund that invests in healthcare and pharma companies. The funding round also saw participation from new and existing investors including TEAM Fund LP, JAFCO Asia Fund, and ALES Global Japan among others.
The final tranche comes eight months after the firm raised USD 20 million in June last year as part of its then-ongoing Series B round. In the same month, MediBuddy announced that it has acquired an online doctor consultation platform DocsApp.
Launched in 2000 by Satish Kannan and Enbasekar D, MediBuddy started as a platform to schedule hospital visits, with a focus on health and life insurance claims. Since then it has expanded its offerings to offer doctor consultation, book home-based tests, and medicine delivery.
“On any given day, we provide consultations to more patients than any leading offline hospital chain. Moreover, we are proud of the fact that over 50% of these users are from non-urban areas,” said Satish Kannan, Co-Founder & CEO, MediBuddy.
The company claimed over 30 million users in India have used its mobile and web platforms to consult specialist doctors over video, order medicines, and book home collection of lab samples. It said several Fortune 500 companies in India have also used the platform to help their employees access various healthcare benefits.
Another healthtech startup Remedico also announced a bridge round of USD 550,000 led by AWE (Achieving Women Equity) Funds, with participation from new investors LetsVenture and several angel investors.
Digital healthcare startups in India is one of the sectors that saw a significant adoption boost due to COVID-19 last year. Healthtech startups such as mFine, Cure.Fit, Remedo, and a few others raised VC money on the back of the rise in adoption in 2020. Users from metro as well as non-urban cities alike flocked to these platforms for use cases such as online doctor consultation, getting blood tests done at home, and medicine delivery.
Indian healthtech startups have attracted interest from both domestic and global investors this year. In a conversation with KrASIA, Nao Ito, operating partner and co-founder of Beenext, said in its attempt to expand its portfolio the fund will invest in healthtech companies in India and Southeast Asia, among a host of other sectors.
“Consumers would start transacting with companies that are in sectors like e-commerce, fintech, agritech, and healthcare. We also plan to take these learnings from India to markets like Vietnam, Thailand, and Indonesia, so that founders in our portfolio companies can help out each other,” Nao told KrASIA.