MediBuddy, an Indian digital healthcare platform, secured additional funding of USD 18 million, reaffirming unwavering support from the existing investors Quadria Capital, Lightrock, and TEAMFund, the company said in a statement on Wednesday.
This fresh infusion of equity capital MediBuddy said will be used for growth and expansion through strategic acquisitions.
In February 2022, MediBuddy raised USD 125 million during the Series C funding. The recent additional funding puts MediBuddy in a solid position to navigate the current landscape and achieve its ambitious growth targets over the next three years, the company said in the statement.
A formidable portion of these funds shall be meticulously channelled into strategic acquisitions and fortifying its existing offerings, synergistically harmonising with MediBuddy's visionary trajectory and enabling exponential growth, the statement added.
Satish Kannan, Co-Founder and CEO of MediBuddy, said, "Our continued partnership with all our investors has been instrumental in MediBuddy's growth and is helping us solve India's healthcare needs. MediBuddy's growth trajectory has consistently achieved a Compound Annual Growth Rate (CAGR) of 95.5 per cent 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."
Its presence in both corporate and retail domains has fuelled this growth. Two of MediBuddy’s recent strategic acquisitions, such as Clinix, an online medical consultation platform focusing on rural India, and US-based Aetna Inc’s vHealth by Aetna business (Indian Health Organization Pvt Ltd), have further amplified its presence in the healthcare domain.
Sunil Thakur, Partner, Quadria Capital, said, "MediBuddy's differentiated model – targeting both B2B and B2C segments and track record of fast-paced organic and inorganic expansion, sets it apart as an exceptional player in the healthcare space. MediBuddy has achieved leadership in the digital healthcare industry while demonstrating strong and improving unit economics. As a participant in this funding round, we envisage MediBuddy to consolidate its market dominance and create significant value for its customers in the next chapter of its evolution."