Business

Medikabazaar raises Rs 112 crore to fund expansion

Updated : November 19, 2019 06:27 AM IST

Medikabazaar on Monday said it has raised Rs 112 crore from a clutch of investors from Belgium, Japan and India with an eye on business expansion.

The four-year-old company is targeting for a five times jump in revenues to touch $100 million by the end of the current financial year.

The Series B funding round was led by healthcare—centric VC firm, Health Quad, Belgian group Ackermans and van Haaren, Japanese investors Rebright Partners and Toppan Printing Co.

Medical supplies company Medikabazaar on Monday said it has raised Rs 112 crore from a clutch of investors from Belgium, Japan and India with an eye on business expansion.

The Series B funding round was led by healthcare—centric VC firm, Health Quad, Belgian group Ackermans and van Haaren, Japanese investors Rebright Partners and Toppan Printing Co, it said in a statement.

Existing investors CBC co, Elan Corporation, Mitsui Sumitomo Insurance Venture Capital, Kois Invest from Belgium, angel investors Sunil Kalra and Arun Venkatachalam also participated in the round, it added.

The four-year-old company is targeting for a five times jump in revenues to touch $100 million by the end of the current financial year and the funds raised will be used on technology, supply chain and people, it said.

The company acts as a B2B platform for medical supplies and is presently focusing on upping its distribution reach in the smaller cities and rural areas.

It is also planning to plans to diversify into categories such as devices for vascular surgery, ENT, laser devices for varicose veins, gynaecology, interventional radiology and OT environment safety, the statement said.

"We have 17 fulfillment centres pan-India, and the current investment will help us grow this number over the next few years by establishing a larger number of distribution hubs," its founder and chief executive Vivek Tiwari said.