MediBuddy raises $125 mn in Series C funding led by Quadria Capital, Lightrock India, others

MediBuddy, end-to-end digital healthcare platform, has raised $125 million in Series C funding from Quadria Capital and Lightrock India along with participation from existing investors Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures, and Alteria Capital.

MediBuddy provides its users with 24x7 access to specialist doctors via video calls, doorstep medicine delivery, at-home lab tests, mental health support, and other integrated healthcare services; all in one place.

With the new round of funding, MediBuddy will further invest in customer awareness, hiring, strengthening technology platforms including data science capabilities, clinical research, and product development.

Satish Kannan, Co-Founder, and CEO, MediBuddy, said, "With the latest round of funding, we will capitalise on strengthening our network of healthcare service providers and our team while launching new services on the platform.”

Tejasvi Ravi, Principal & Healthcare lead, Lightrock India, said, “MediBuddy is playing a critical role in organising primary healthcare services, improving quality and convenience even as it expands access across India including Tier 2 and Tier 3 towns.”

Dr Amit Varma, Managing Partner and Co-founder, Quadria Capital, said, "Digital Healthcare is witnessing an unprecedented growth and over the next decade digital infrastructure will revolutionise the way people consume healthcare services."

Avendus Capital was the exclusive financial advisor to MediBuddy on this transaction.

MediBuddy provides a healthcare subscription plan under the name of MediBuddy Gold, covering unlimited specialist doctor consultations for the user and the family. The digital healthcare platform also launched several other initiatives such as at-home sample pickup of blood tests, RT-PCR tests, COVID Vaccination, tracking availability of hospital beds for COVID patients, a 24x7 COVID helpline number, and mental health counselling, thereby enabling millions of Indians to tackle the surge of coronavirus infections, and helped the country combat the virus.

The current population of India stands at about 1.38 billion, and access to high-quality healthcare is the need of the hour. The primary e-health space in India is still at its nascent stages with low penetration levels; the Government of India has also acknowledged the same with a boost in the budget to enable and support digital healthcare platforms.

Published on: Tuesday, February 22, 2022, 01:27 PM IST