MediBuddy raises $18 million in funding from existing investors
Digital healthcare platform provider MediBuddy on Wednesday said it has raised additional funding of $18 million from existing investors Quadria Capital, Lightrock and TEAMFund.
The current funding round is in continuation of the Bengaluru-based startup’s series C fundraise of $125 million in February 2022. The funds will be used to fuel the company’s growth and expansion plans through strategic acquisitions, as per a statement.
“A formidable portion of these funds shall be meticulously channelled into strategic acquisitions and fortifying its existing offerings, harmonising with MediBuddy's visionary trajectory and enabling exponential growth,” the statement read.
MediBuddy offers online and offline doctor consultations, medicine delivery, lab tests at home, mental health consultations, surgery care among other healthcare services.
Founder and CEO Satish Kannan said MediBuddy has been growing at a compound annual growth rate (CAGR) of 95.5% over the past three years.
The growth, his statement added, has been boosted by MediBuddy’s retail-facing and corporate-facing businesses.
So far, MediBuddy has made two strategic acquisitions – Clinix, an online medical consultation platform focusing on rural India, and the United States-based by Aetna Inc’s vHealth.
In June 2020, DocsApp, an online doctor consultation platform, merged with MediBuddy. The company was the healthcare services arm of Medi Assist, one of the largest third-party administrators in India.
Separately, MediBuddy finds its name among well-funded players in the B2C healthtech space that have laid off staffers en masse since the funding winter of 2022.
