MediBuddy, a digital healthcare platform, has recently announced securing an additional funding from its existing investors. MediBuddy raises $18Mn from Quadria Capital, Lightrock, and TEAMFund for acquisitions. This funding injection is to fund the company’s expansion as it continues to make waves in the healthcare industry.
A Boost for Growth and Innovation
Founded in 2013 by Satish Kannan and Enbasekar Dinadayalane, HealthTech MediBuddy is slowly becoming a household name in the Indian healthcare landscape. The platform offers a wide number of services, including online and offline doctor consultations, medicine delivery, lab tests at home, mental health consultations and surgery care. With a partner network comprising 90,000 doctors, 7,100 hospitals and clinics, 4,000 diagnostic centers and over 2,500 pharmacies, MediBuddy has established itself as a go-to destination for healthcare services.
“The additional funds will be critical in driving our strategic acquisition initiatives, further expanding our reach, and enhancing the depth and breadth of our services,” stated Satish Kannan, Co-founder and CEO of MediBuddy. The company has been on a remarkable growth trajectory, achieving a Compound Annual Growth Rate (CAGR) of 95.5% over the past three years.
MediBuddy’s Track Record
MediBuddy boasts a substantial user base, with over 35,000 users accessing its services daily. In addition to serving individuals, the platform has a strong presence in both corporate and retail segments, catering to a diverse range of customers. Over the years, MediBuddy has strategically expanded its reach and service offerings through acquisitions.
Recent notable acquisitions include Clinix, an online medical consultation platform focused on rural India, in July 2022, and the US-based Aetna Inc’s vHealth in February 2023. These acquisitions have further solidified MediBuddy’s position in the healthcare domain. Satish Kannan, Co-Founder and CEO of MediBuddy, said, “MediBuddy’s growth trajectory has consistently achieved a Compound Annual Growth Rate (CAGR) of 95.5% over the past three years. The additional funds will be critical in driving our strategic acquisition initiatives, further expanding our reach, and enhancing the depth and breadth of our services.”
The latest $18 million funding round builds upon the success of MediBuddy’s previous funding efforts. In February 2022, the company raised an impressive $125 million as part of its Series C funding round, with participation from private equity firms Quadria Capital and Lightrock India. The company has raised a total of $191 million in equity and venture debt funding to date.
A Bright Future for MediBuddy
Despite challenges in the healthcare technology sector, MediBuddy continues to thrive and innovate. The Indian HealthTech startup funding market is projected to reach $25 billion by 2025 and MediBuddy’s recent funding plays a pivotal role in its expansion plans.
MediBuddy’s mission of making high-quality healthcare accessible to millions of people aligns with its aggressive growth strategy. With a strong financial foundation, strategic acquisitions, and a commitment to excellence, MediBuddy is set to remain a leader in the digital healthcare landscape.
MediBuddy’s latest funding round demonstrates its commitment to enhancing healthcare access and services in India. As the company continues to expand its offerings and reach, it will likely have a significant impact on the future of healthcare in the region.
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