Medikabazaar, an online B2B aggregator for medical supplies, has raised $5 million in a Series A funding round led by venture capital firm HealthQuad. Elan Corporation, Sasaki Foods, CBCCo Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital, and existing investors Sunil Kalra, Arun Venkatachalam & Rebright Partners II Investment Partnership also participated in the round.
The Mumbai based marketplace will use the funding to add to its technology, increase team size and hire senior leadership. Additionally, it will also work on the company’s supply chain and logistics – it targets 50,000 hospitals and clinics by the end of FY 2020 and increase the number of fulfilment centres from 7 to 20 in Tier 2 and Tier 3 cities.
Medikabazaar claims that it cuts procurement costs of medical supplies by 15-20% for hospitals. Medikabazaar’s target customers are hospitals and clinics, manufacturers, distributors and resellers of equipment & consumables.
It claims that businesses can sell on its platform free of cost, and it also offers a bidding arm on the website. Medikabazaar also has a “recycling” sort of platform where users can buy and sell pre-owned medical devices and equipment.
The company began operations in April 2015, and was founded by Vivek Tiwari and Ketan Malkan. In 2017, it raised $1 million in a Series A round by Rebright Partners II Investment Partnership, Sunil Kalra & Arun Venkatachalam and an unnamed angel investor from Japan.