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Collateral Medical, a pan-India online distributor of medical devices, has raised $3.5 million in Series A investment from small and medium enterprises focused private equity fund Carpediem Capital.
The funds will be used to strengthen its distribution capabilities, expanding the service network and strengthening the IT infrastructure. Intellecap’s Investment Banking Group has advised Collateral Medical on the deal.
“It has been wonderful developing a platform to serve doctors, standalone clinics and small hospitals who struggle to source medical devices. The fund infusion will help us improve and enhance our capabilities to serve medical community better and we are excited to have Carpediem Capital join us as trusted partners in our journey for the next level of growth,” Nikhilesh Tiwari, Founder and CEO, Collateral Medical, said.
“With the focus of ensuring reasonable pricing, we helped thousands of doctors in 400 plus districts in 28 states to bring their cost down,” Sanjay Jha, Director, Collateral Medical, added.
Gagandeep Bakshi, Head, Investment Banking, Intellecap, said: “Collateral Medical has created a capital efficient distribution model that has resulted in price transparency and efficient outreach in Tier II and III cities. They have also managed customer stickiness and retention by providing after sales service. They are one of the only players in the market addressing the pain points of both suppliers and customers.”
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