Healthcare startup MediBuddy raises over Rs 291 crore in Series B funding
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New Delhi: India's digital healthcare platform, MediBuddy, announced the closure of its $40 Million Series B Round.
This follows the recent infusion of $20 million led by India Life Sciences Fund III, LLC, with participation from other investors. The digital healthcare platform had earlier announced an initial funding of $20 million (INR 150 crores) in June 2020 under this round.
MediBuddy is led by co-founders Mr. Satish Kannan & Mr. Enbasekar, as the CEO and the CTO, respectively.
"COVID-19 has created an unprecedented acceleration in digital healthcare adoption and MediBuddy has been at the forefront of this transformation. To-date, over 3 crore Indians have used the mobile and web platforms to access specialist doctors 24x7 on video, order medicines and book home collection of lab samples. In addition, several Fortune 500 companies in India have trusted MediBuddy as their preferred digital healthcare partner to help their employees access various healthcare benefits," MediBuddy said in its recent release.
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.
Addressing the press conference, Mr. Satish Kannan, Co-Founder & CEO, MediBuddy, said, "At MediBuddy, we strive towards making high-quality healthcare accessible to Indians across the length & breadth of the country. 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."
Mr. Kannan also added that the potential of the MediBuddy platform has generated significant investor interest in the Series B round despite the uncertainty prevalent worldwide, helping it secure the highest funding in the digital healthcare space since the start of the pandemic.
He also said that the Series B round attracted new investments from India Life Sciences Fund III, LLC, TEAMFund LP, JAFCO Asia Fund, FinSight Ventures, ALES Global Japan and Beyond Next Ventures. Existing investors including Bessemer Venture Partners, Milliways Ventures and Rebright Partners also participated in this round.
Mr. Vishal Gupta, Managing Director, Bessemer Venture Partners India, said, "We are fortunate to have been a part of Satish's and Enba's journey from the very early days. We continue to be strong supporters as they execute towards their aim of enabling more Indians to have access to high-quality healthcare."
Mr. Vikul Goyal, Venture Partner, FinSight Ventures, said, "Telemedicine in India is growing at a monumental pace and the pandemic has only further amplified the importance of going digital. MediBuddy is by far the leader in the digital healthcare space in terms of scale, size & customers served; and we are excited to partner with MediBuddy in this growth journey to make high-quality healthcare accessible to a billion Indians."
Mr. Devarajan TP, Managing Director, representative of India Life Sciences Fund III, LLC, on the Board, said, "The Fund is excited about partnering with MediBuddy and its dynamic leadership team with Satish and Enba at the helm. MediBuddy's e-health platform enables customers access the entire gamut of healthcare services, be it tele-consultation services, lab tests or medicines, across devices. The Fund is particularly heartened by MediBuddy's efforts at enabling such access in vernacular languages, which will be the key to meeting its mission of serving customers across the length and breadth of the country. Its marquee customer base, consisting of the India operations of several Fortune 500 companies, and many leading insurance companies, is testimony to the quality of services provided. The Fund's representatives look forward to working with MediBuddy and supporting it in its endeavour to emerge as India's preferred digital healthcare platform."
Ms. Supriya Singh, Director, JAFCO Asia Fund, said, "The telemedicine market in India is a very large growing opportunity and MediBuddy is in a very strong position in this market. They have the most comprehensive platform to address the market needs. JAFCO Asia has been one of the key investors in Teladoc in the US which is right now at USD 38bn in market cap. JAFCO Asia is very proud to be a partner to Satish and Enba in the growth journey for MediBuddy."
Mr. Yousuf Mazhar, Managing Partner, TEAMFund, said, "TEAMFund is very excited to partner with the team at MediBuddy, and is looking forward to helping build out their chronic disease management capabilities for remote patients. MediBuddy has built a first class, frictionless platform that integrates telehealth with essential lab and pharmaceutical services that we believe is amongst the best in the world. This is extremely valuable for patients across the country, and especially for those in rural and low resource areas who benefit from increased efficiency, lower cost, and increased access to specialized services."
The digital healthcare platform will utilize the funding in further strengthening its doctor and hospital base, patient reach, product, technology and brand to move a step closer to its mission of providing high-quality healthcare to a billion people. Additionally, the platform has onboarded leading industry professionals over the last few months to drive critical areas, bolstering an already-strong leadership team.
With a network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies, covering over 95% of all pin codes in India, MediBuddy is providing 24x7 access to a range of healthcare services across India.
"MediBuddy is truly living up to its name of being a 'buddy' who can be trusted to meet all healthcare needs".
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