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MediBuddy, an end-to-end digital healthcare platform, has raised $125 million in Series C funding from Quadria Capital and Lightrock India along with participation of Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures, and Alteria Capital.
Speaking to BusinessLine, Satish Kannan, Co-founder, and CEO, MediBuddy, said that the company will invest the funds towards three broad focus areas. First, is to increase customer awareness and reach of MediBuddy. “Today, 60 per cent of our customers come from big cities and 40 per cent from smaller cities. We wanted to grow deep into smaller towns and hence, we have also onboarded Amitabh Bachchan as our brand ambassador because he has a strong fan base in both big cities and small towns. Second, we will continue to keep scaling and grow our team. Currently, our focus is on hiring across technology and engineering. Over the next two years, we will roughly double our team strength from 1,500 to about 3,000. Third, we will invest in technology and product development,” he added.
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MediBuddy offers 24x7 access to doctors via video calls, doorstep medicine delivery, at-home lab tests, mental health support, and other integrated healthcare services. The platform claims to serve 35,000+ patients everyday and is focussing on helping 1 lakh patients everyday. The company is not making profits at this point as it continues to focus on growth. However, Kannan claims that the company has a strong unit economics and Medibuddy’s plan for the next two years is growth and acquiring significant market leadership.
Covid helpline number
The healthcare platform has also launched other initiatives such as at-home sample pick-up of blood tests, RT-PCR tests, Covid Vaccination, tracking availability of hospital beds for Covid patients, a 24x7 Covid helpline number, and mental health counselling. MediBuddy has catered to the healthcare needs of over 3 crore Indians, and has a pan-India network of 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres, and 2,500 pharmacies that cover over 96 per cent of PIN codes across the country. The company also caters to over 700 corporates and 50+ lakh employees, including family members.
Avendus Capital was the exclusive financial advisor to MediBuddy on this transaction.
Tejasvi Ravi, Principal and Healthcare lead, Lightrock India, said, “MediBuddy is playing a critical role in organising primary healthcare services, improving quality and convenience even as it expands access across India, including Tier 2 and Tier 3 towns. The team has a remarkable understanding of consumer needs and have scaled their reach and services to a leadership position. MediBuddy’s care-platform provides seamlessly integrated care that is leading the way in increasing uptake of primary healthcare and helping millions of customers stay healthy.”
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