Digital healthcare platform MediBuddy on Tuesday said that it has closed its Series B funding at $40 million led by India Life Sciences Fund III, LLC, along with participation from other investors.
The company had earlier raised $20 million in June 2020 as part of its ongoing Series B round, while announcing its merger with online doctor consultation startup DocsApp. The company now said that moving forward both companies will be operating under a single brand name – MediBuddy.
Other investors which participated in the current round include TEAMFund LP, JAFCO Asia Fund, FinSight Ventures, ALES Global Japan and Beyond Next Ventures. Existing investors including Bessemer Venture Partners, Milliways Ventures and Rebright Partners also participated as a part of the Series B funding.
“At MediBuddy, we strive towards making high-quality healthcare accessible to Indians across the length and breadth of the country. Moreover, we are proud of the fact that over 50% of these users are from non-urban areas,” said Satish Kannan, co-founder and CEO, MediBuddy
The digital healthcare platform will utilise the funds to further strengthen its doctor and hospital base, patient reach, product, technology and brand. Through this fund raise, it will also look to hire key talent to its leadership team in the coming months.
“Telemedicine in India is growing at a monumental pace and the pandemic has only further amplified the importance of going digital […] we are excited to partner with MediBuddy to make high-quality healthcare accessible to a billion Indians,” said Vikul Goyal, venture partner, FinSight Ventures.
MediBuddy is FinSight’s first investment in the country.
Currently, the startup provides doctor consultation services, lab testing and delivery of medicines to its customers. It also works with enterprises and corporates to provide healthcare solutions to their employees.
“The Fund is particularly heartened by MediBuddy’s efforts at enabling such access in vernacular languages, which will be the key to meeting its mission of serving customers across the length and breadth of the country,” said Devarajan TP, managing director, India Life Sciences Fund III, LLC, who will be joining MediBuddy’s board.
At present, MediBuddy claims to have a network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies, covering over 95% of all pincodes in the country.
