Medikabazaar, founded in 2015 by Vivek Tiwari and Ketan Malkan, is a B2B one-stop online platform with the goal of transforming the healthcare narrative. It allows hospitals and medical institutions to cut out the middleman and discover supplies, compare specifications, and prices in real-time. Among the platform’s goods are hospital devices, materials, medical consumables, and dental instruments. It is working to have products delivered within 24 hours of an order being made.
Medikabazaar, headquartered in Mumbai, recently raised $65 million. Lighthouse India joined current investors Creaegis, Health Quad, Ackermans & van Haaren, British International Investment (formerly CDC), and KOIS Holdings in investing $30 million (Rs 225 crore).
The investment will help the company streamline its supply chain and logistics capabilities in order to serve 50,000 hospitals and clinics by the end of the fiscal year.
Medicabazaar, which has over 20,000 points, is considering opening at least 45 more fulfilment sites across India, with more than half of them carefully planned for tier 2 and 3 cities.
The funding will allow us to expand our presence in the Indian health-tech sector while also fueling our global ambitions,” Tiwari said, adding, “Mediabazaar uses AI-based consumption predictions and proprietary intuitive algorithm models to help medical establishments minimise inventory management costs.” Medikabazaar has increased its revenue by 25 times in the last few years, propelled by rising demand.
Medikabazaar was named Best Last Mile Delivery at the 2019 Global Logistics Excellence Awards, as well as Best Med-Tech E-Tailing Solutions by ASSOCHAM Medtech in 2018. Vivek Tiwari received the BW Young Entrepreneur Award in 2017 and the National Icon Award in 2018, to mention a few of his many accomplishments.
