Digital healthcare start-up MediBuddy raises $125 million | The Financial Express

Digital healthcare start-up MediBuddy raises $125 million

Bengaluru-based MediBuddy said it would use the fresh funds to further invest in customer awareness, hiring, strengthening technology platforms.

Digital healthcare start-up MediBuddy raises $125 million
MediBuddy was last valued at $450 million prior to the Series C funding round. (Representative image)

By Salman SH

MediBuddy, a digital healthcare platform, on Tuesday raised $125 million in Series C funding from Quadria Capital and Lightrock India, along with participation from existing investors Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures and Alteria Capital.

MediBuddy was last valued at $450 million prior to the Series C funding round.

Bengaluru-based MediBuddy said it would use the fresh funds to further invest in customer awareness, hiring, strengthening technology platforms including data science capabilities, clinical research, and product development. Avendus Capital was MediBuddy’s exclusive financial advisor on this transaction. Including the current round, MediBuddy has raised total funding worth $190 million in debt and equity till date. The start-up was founded in 2013 by Enbasekar Dinadayalane and Satish Kannan.

“From the inception of MediBuddy, we have envisioned making high-quality healthcare easily accessible to a billion people in the country. With the latest round of funding, we will capitalise on strengthening our network of healthcare service providers and our team while launching new services on the platform. As always, we will continue to be at the forefront of the digital transformation of India’s healthcare industry,” said Satish Kannan, co-founder & CEO MediBuddy in a statement.

Medibuddy provides its users with round the clock access to specialist doctors via video calls, doorstep medicine delivery, at-home lab tests, mental health support, and other integrated healthcare services; all in one place. The platform also caters to the healthcare needs of over 3 crore Indians, using its pan-India network of 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies that cover over 96% of PIN codes across the country.

One of MediBuddy’s USPs is its healthcare subscription plan under the name of MediBuddy Gold, which provides unlimited specialist doctor consultations for the users and family members.

“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 leadership team have a remarkable understanding of consumer need, and have scaled their reach and services to a leadership position,” said Tejasvi Ravi, principal & healthcare lead, Lightrock India.

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First published on: 23-02-2022 at 03:30 IST