Medical supply company Medikabazaar has raised $15.8 million (Rs 112 crore) Series B funding from a clutch of investors from Belgium, Japan and India with an eye on business expansion.
The Series B funding round was led by healthcare centric VC firm, Health Quad, Belgian group Ackermans and van Haaren, Japanese investors Rebright Partners and Toppan Printing Co, the company said in a statement.
“We have 17 fulfillment centers pan-India, and the current investment will help us grow this number over the next few years by establishing a larger number of distribution hubs,” Vivek Tiwari, founder, and CEO of MedikaBazaar said.
Existing investors CBC co, Elan Corporation, Mitsui Sumitomo Insurance Venture Capital, Kois Invest from Belgium, angel investors Sunil Kalra and Arun Venkatachalam also participated in the round, it added.
The four-year-old company is targeting a five times jump in revenues to touch $100 million by the end of the current financial year and the funds raised will be used on technology, supply chain, and people, it said.
The company acts as a B2B platform for medical supplies and is presently focusing on upping its distribution reach in the smaller cities and rural areas.
It is also planning to plans to diversify into categories such as devices for vascular surgery, ENT, laser devices for varicose veins, gynaecology, interventional radiology and OT environment safety, the statement said.