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Health-tech start-up, MediBuddy bags USD 20M funding from India Life Sciences Fund III

MediBuddy

Source: Google Play

MediBuddy is a Bengaluru-based health and technology start-up that has recently announced to have raised USD 20 million which loosely translates to INR 145 crore in its latest Series B financing round led by India Life Sciences Fund III and others.

Founded back in the year 2000 by Satish Kannan, MediBuddy is an award-winning healthcare technology platform that deals with inpatient hospitalisation, corporate wellness and outpatient services among other things. The start-up aims to transform the health insurance industry from the very core by providing a diversified range of offerings to several stakeholders that major in the healthcare benefits industry, according to the company profile on Crunchbase.

As mentioned in several reports, MediBuddy has been attracting several investments lately and in its latest Series B financing round, the company has raised investments from India Life Sciences Fund III along with participation from other investors including Beyond Next Ventures, FinSight Ventures, ALES Global Japan, TEAMFund LP, JAFCO Asia Fund and LLC.

As mentioned in a report by Medical Dialogues, the funding round also sees participation from existing investors Rebright partners, Bessemer Venture Partners and Milliways Ventures.

Last year in June, MediBuddy was acquired by Bengaluru-based DocsApp which is an online doctor consultation platform.

Furthermore, healthcare start-ups such as MediBuddy have flourished during the COVID-19 pandemic as people were not willing to take risks by going out to the most dangerous place at that moment- the hospital. MediBuddy is known to have a network of over 90,000 doctors, 3,000 diagnostics centres, a 1,000-member team which is located in over 22 Indian cities. Along with this, the company also served over 2,500 pharmacies and over 7,000 hospitals, as mentioned in a report by Medical Dialogues.

There are a few specific niches that have grown phenomenally during the COVID-19 induced lockdown, one of them is an education technology and the other one is healthcare technology. MediBuddy is a live example of the same.

Last week on February 16th, MediBuddy successfully raised INR 250 million in its latest Debt Financing round led by InnoVen Capital and before that on February 2nd, the Bengaluru-based healthcare technology platform raised USD 40 million in its Series B round led by InvAscent.

However, according to Crunchbase, the total funding raised by the company to date amounts to USD 63.7 million which has been raised in over 4 financing rounds. Having said that, TEAMFund and InnoVen Capital are the most recent investors added to the company’s profile.

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