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Digital healthcare platform MediBuddy has raised $18 million from existing investors, including Quadria Capital, Lightrock, and TEAMFund.
The infusion of equity capital will amplify its growth and expansion through strategic acquisitions and help it achieve its growth targets over the next three years, the company said. Earlier this year, the platform raised $125 million in Series C funding.
A formidable portion of these funds shall be meticulously channelled into strategic acquisitions and fortifying its existing offerings, synergistically harmonising with MediBuddy’s visionary trajectory and enabling exponential growth.
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Growth trajectory
“Our growth trajectory has consistently achieved a compound annual growth rate (CAGR) of 95.5 per cent over the past three years. The additional funds will drive our strategic acquisition initiatives, further expanding our reach and enhancing the depth and breadth of our services. As we aim to make quality healthcare accessible to a billion people, this move further solidifies our stance as a market leader in the digital healthcare landscape,” said Satish Kannan, co-founder and CEO of MediBuddy.
The company attributes its growth to its presence in both the corporate and retail domains. Moreover, two of its recent acquisitions, such as Clinix, an online medical consultation platform focusing on rural India, and US-based Aetna Inc.’s vHealth by Aetna business (Indian Health Organisation Pvt. Ltd.), have further amplified its presence in the healthcare domain, according to the company release.
It claims to help more than 35,000 users every day, and critical factors such as easy access to a specialist doctor in 10 minutes, 24/7, 365 days a year, increased convenience, prompt delivery of services, and awareness have sparked a visible growth in online doctor consultations for the platform. Currently, it has an existing customer base of over 3 crore Indians.
“The platform has differentiated model – targeting both B2B and B2C segments and a track record of fast-paced organic and inorganic expansion, sets it apart as an exceptional player in the healthcare space. As a participant in this funding round, we envisage MediBuddy to consolidate its market dominance and create significant value for its customers in the next chapter of its evolution,” said Sunil Thakur, Partner, Quadria Capital.
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