Medikabazaar looks to raise up to $200 mn for expansion
Medikabazaar, India's largest B2B e-commerce marketplace for medical supplies, is gearing up to raise $150-$200 million from private equity investors to fund expansion through acquisitions and organic growth.
«We are actively seeking another substantial round of investment to fuel our expansion,» said Vivek Tiwari, co-founder and CEO of Medikabazaar, in an interview to ET.
«We are looking to raise a large round of investment, in the range of $150-200 million in six months,» Tiwari added.
If the proposed fundraise materialises, Medikabazaar will possibly enter unicorn club, or $1-billion valuation. Medikabazaar in April 2022 raised around $65 million from Lighthouse India Fund and other investors.
According to startup data platform Tracxn, Medikabazaar was valued at $641 million in the last funding round.
Tiwari said the funding would allow Medikabazaar to explore a range of acquisition opportunities including logistic firms, fintechs, technological capabilities, specialty distribution companies, and white label products.
In FY23, Medikabazaar achieved a gross merchandise value (GMV) of around $536 million, resulting in a net revenue of $70-80 million, equating to less than 1% of total GMV.
Tiwari said Medikabazaar is maintaining breakeven.
