MediBuddy raises 125 million, plans expansion in tier 2 cities

HealthTech startup, “MediBuddy” raised $125 million in its series C funding which was led by Quadria Capital and Light Rock India. Founded in 2015 by IIT alumni Satish Kannan and Enbasekar Dinadayalane, the company is operated by Phasorz Technology. It currently has a customer base of 1 crore people across the country.

Some existing investors that participated in the round were Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures and Alteria Capital. The round also saw the exit of a few angel investors.

Following the lockdown, there has been a lot of technological adoption in tier 2 cities. The company wants to tap on this progress and spread its base. Currently, the company generates 40 per cent of revenue from tier 1 cities while the rest comes from the urban cities.

“Our presence in the top cities like Mumbai, Delhi Hyderabad, Bangalore among others is strong. Hindi-speaking smaller towns in states like Madhya Pradesh, Bihar, Uttar Pradesh, typically called ‘Bimaru states,’ is where our focus is and we see a lot of growth coming from there.” said Kanan

MediBuddy provides users with all-day access to doctors and specialists. It also provides facilities like doorstep medicine delivery and lab tests. The company claims to have a 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. It is also the largest provider of employee health and wellness services and claimed to cater to over 700 corporates and more than 50 lakh employees and their family members.

“Digitisation of the healthcare industry has helped people living even in the most remote parts of the country avail timely medical care by professionals. 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,” said Satish Kannan, co-founder and CEO, MediBuddy.

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