MediBuddy seizes US$20 million in Series B funding round

MediBuddy seizes US$20 million in Series B funding round
The investment will be used by MediBuddy to strengthen its doctor & hospital base, product, patient reach, technology, and brand

Indian health-tech company, MediBuddy has successfully secured US$20 million (around Rs 145 crore) from investors India Life Sciences Fund III, LLC and others. In a statement, the company said that the recent investment comes line to an initial funding of US$20 million raised under a Series B round in June 2020.

Sources close to the development state that the latest US$20 million funding was led by India Life Sciences Fund III, with involvement of other investors. The round incited new financing from JAFCO Asia Fund, TEAMFund LP, FinSight Ventures, ALES Global Japan, and Beyond Next Ventures. The round also included involvement of existing investors like Bessemer Venture Partners, Rebright Partners and Milliways Ventures.

So far, MediBuddy has raised over USD 50 million, claim reports. Established by Enbasekar Dinadayalane and Satish Kannan, the MediBuddy platform entails a partner network of over 7,000 hospitals, 90,000 doctors, 3,000 diagnostic centers and 2,500 pharmacies. The platform has around 1,000-member team working across 22 cities in India.

Commenting on plans in line, Satish Kannan, Co-founder & CEO, MediBuddy, said that their firm orchestrates the infusion of the recently raised funds to further strengthen their hospital and doctor base, and enhance their patient reach, technology, product, and brand, consequently moving a step closer to the vision of providing quality healthcare services and solutions to billions of people.

Over the past few months, MediBuddy has incorporated leading industry professionals to thrive in critical areas, bolstering an already-strong team. While recent, the company received a proposal of a debt fund of around Rs 25 crore from InnoVen Capital, said Mr. Kannan.