Lighthouse leads $65m round for India's Medikabazaar
Lighthouse Funds has led a USD 65m funding round for Medikabazaar, an India-based B2B medical supplies marketplace, at a valuation of USD 700m.
Lighthouse contributed USD 30m with the rest coming from existing investors such as Creaegis, HealthQuad, Ackermans & van Haaren, British International Investment (BII), and Kois Holdings, according to an Economic Times article cited by Vivek Tiwari, founder and CEO of Medikabazaar.
Last September, the company closed a USD 75m Series C led by Creaegis, a PE firm established by Prakash Parthasarathy, previously CIO of PremjiInvest. BII – formerly CDC Group – Ackermans, Kois, HealthQuad, Rebright Partners and Mitsui Sumitomo Insurance Venture Capital also took part.
Medikabazaar, which was founded in 2015 by Tiwari and Ketan Malkan, has now raised around USD 200m in the last four years. Other backers include Japan’s Toppan Printing and Sasaki Foods.
The new funding will go towards strengthening capabilities in technology and digitalisation and deepening the supply chain ecosystem and digital distribution channels. Gross merchandise value for the 12 months ended March was USD 350m and the company is already EBITDA positive, said Tiwari.
“Revenue momentum continues to be very high and with the start of new international operations in the [Middle East and North Africa] region in this quarter, the top-line growth is looking robust for [the 2023 financial year], which would help us hit the unicorn valuation mark in the Series D round which we hope to conclude by end of 2022,” he told The Economic Times.
Medikabazaar claims to be the largest healthcare procurement platform in India, connecting more than 100,000 medical establishments and over 150,000 independent medical practitioners with 15,000-plus suppliers. The company emerged as a key player during COVID-19, delivering masks, personal protection equipment kits, oxygen concentrators, and ventilators.
The full suite of products range spans disposable items such as gloves and syringes to lab equipment, electronic devices, pharmaceuticals, medical implants, and surgical instruments. Medikabazaar also offers various procurement and financing tools, a truck and drone logistics fleet, a used equipment recycling service, an education portal, and an advertising platform.
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