Medikabazaar is revolutionizing the way hospital purchases their inventory and helps them cut procurement costs by 15-20%. The company connects with healthcare facilities in tier 2, 3 cities and rural areas apart from urban cities to help them fulfill their healthcare needs.
Medikabazaar, an online aggregator for medical supplies, has raised $5 million in Series A round of funding led by HealthQuad, a leading healthcare venture capital fund. Other investors in this round include Elan Corporation, Sasaki Foods, CBC Co., Limited, Kois Invest, Mitsui Sumitomo Insurance Venture Capital and existing investors Sunil Kalra, Arun Venkatachalam & Rebright Partners II Investment Partnership.
Vivek Tiwari, founder, and CEO of Medikabazaar said, "We have strategically partnered with HealthQuad to strengthen our foothold in the healthcare industry. Our goal of providing affordable, accessible and quality healthcare services is mirrored by HealthQuad."
Mumbai-based Medikabazaar plans to use this funding to strengthen technology and increase its team size including senior leadership. Soon the company is shifting its corporate office to a new location in Mumbai. The fund will also be used to streamline its supply chain and logistics capability to reach 50,000 hospitals and clinics by the end of next financial year. It also plans to increase its fulfillment centers from existing 7 to 20+ across India including tier 2 and 3 locations.
Medikabazaar is revolutionizing the way hospital purchases their inventory and helps them cut procurement costs by 15-20%. The company connects with healthcare facilities in tier 2, 3 cities and rural areas apart from urban cities to help them fulfill their healthcare needs. Apart from hospitals and clinics Medikabazaar's target customers include manufacturers, distributors, and re-sellers of equipment & consumables who list their products on the online aggregator's site for sale." Our goal is to work towards a breakthrough when hospitals and clinics will log in to our portal to place orders for their entire procurement needs. Our intuitive AI based procurement tool will also help them reduce overall inventory costs," Tiwari added.