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MediBuddy, a digital healthcare platform, has announced the closure of its $40 million Series B round on Tuesday.
The firm had announced an initial funding of $20 million (₹150 crore) in June 2020 under this round, led by India Life Sciences Fund III, LLC with participation from other investors.
The Series B round attracted new investments from India Life Sciences Fund III, 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.
MediBuddy will utilise the funding to strengthen its doctor and hospital base, patient reach, product, technology and brand.
MediBuddy, which claims to be India’s largest digital healthcare platform, helps users consult specialist doctors, order medicines and book lab tests from the comfort of their homes. Accessible both as an online portal as well as a mobile app, it has a partner network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies covering 23,000 pin-codes in India, and a 1,000-member team located across 22 Indian cities. It has catered to the healthcare needs of 3 crore Indians to date.
In June 2020, DocsApp, an online doctor consultation platform, merged with MediBuddy. Going forward, both MediBuddy and DocsApp will operate under the MediBuddy brand, led by co-founders Satish Kannan and Enbasekar as the CEO and the CTO, respectively.
Satish Kannan, co-founder and CEO, MediBuddy, said: “At MediBuddy, we strive towards making high-quality healthcare accessible to Indians across the length and 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 per cent of these users are from non-urban areas.”
He said, 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.
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