Healthtech startup MediBuddy has raised $125 million in its Series-C funding round from Quadria Capital and Lightrock India. The round also saw 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, the company said.
The digital healthcare platform will use the funds to invest in customer awareness, hiring, strengthening technology platforms including data science capabilities, clinical research, and product development, it said in a release.
“Digitisation of the healthcare industry has helped people living even in the most remote parts of the country avail timely medical care by professionals. With the latest round of funding, we will capitalize on strengthening our network of healthcare service providers and our team while launching new services on the platform,” said Satish Kannan, cofounder, and CEO, MediBuddy.
Founded in 2013, MediBuddy offers 24×7 access to specialist doctors via video calls, doorstep medicine delivery, at-home lab tests, mental health support, and other integrated healthcare services on its platform. The app connects patients to experienced and verified doctors for online consultations across 18 specialties such as Dermatology, Paediatrics, Gynaecology and others via chat, video or voice call.
According to the company, it has so far catered to the healthcare needs of over three crore Indians, on the back of its pan-India network of 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres, and 2,500 pharmacies that cover over 96% of pin codes across the country.
It is also one of the largest providers of employee health and wellness services and caters to over 700 corporates and 50+ lakh employees including family members, the release 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 II and Tier III towns,” said Tejasvi Ravi, Principal and Healthcare lead, Lightrock India.
MediBuddy in mid of 2020 announced merger with telemedicine startup DocsApp. The startup had then announced that going ahead, both MediBuddy and DocsApp will operate under a single brand name — MediBuddy.
Amit Varma, Managing Partner and co-founder of 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.”