MediBuddy Secures $18 Mn Funding from Quadria, Lightrock, & TEAMFund to Drive Acquisitions

MediBuddy, the Bengaluru-based digital healthcare platform, has secured $18 million in additional funding from existing investors Quadria Capital, Lightrock, and TEAMFund. In February 2022, the healthtech startup raised $125 million as part of its Series-C funding.  

As per the startup, the funds will be instrumental in advancing MediBuddy's strategic growth initiatives, including targeted acquisitions and expanding their services.

Satish Kannan, cofounder and CEO of MediBuddy, said, "MediBuddy's growth trajectory has consistently achieved a Compound Annual Growth Rate (CAGR) of 95.5% over the past three years. The additional funds will be critical in driving our strategic acquisition initiatives, further expanding our reach, and enhancing the depth and breadth of our services."

In February of this year, the startup made a strategic acquisition by taking over vHealth, the Indian branch of US-based Aetna Inc., to expand its reach across different regions. 

Furthermore, in July 2022, MediBuddy acquired Clinix, an online consultation platform focused on rural India.

Founded in 2015 by Kannan and Enbasekar Dinadayalane, MediBuddy offers various healthcare services, including video consultations with doctors, surgical consultations, lab test bookings, and medicine orders. 

The startup claims it has a vast network comprising over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres, and 2,500 pharmacies, covering 96% of pin codes in India.

MediBuddy claims a substantial customer base of over 3 Cr Indians. The startup attributes its recent growth to its presence in both corporate and retail segments. 

Despite challenges in the healthtech industry due to a funding downturn, the Indian healthtech market is anticipated to reach a significant size of $25 billion by 2025, according to a report by LoEstro Advisors.