MedikaBazaar, the India-based operator of a medical equipment e-commerce platform, has raised $75m in a series C round featuring conglomerate Ackermans & van Haaren and insurer Mitsui Sumitomo, Entrackr reported on Wednesday.
Development finance institution CDC Group and private equity fund manager Creaegis co-led the round, which was also backed by CIF, HealthQuad Fund, Kois Holdings (also known as Koisinvest), Rebright Partners and private investors including Sunil Kalra and Arun Venkatchalam.
Mitsui Sumitomo Insurance was represented in the round by corporate venturing subsidiary Mitsui Sumitomo Insurance Venture Capital (MSIVC). It gave the company a post-money valuation between $235m and $238m, according to estimates made by Fintrackr.
Founded in 2014, MedikaBazaar has built a business-to-business marketplace that helps healthcare providers including hospitals and clinics buy medical supplies from more than 13,000 merchants.
Ackermans & van Haaren had provided $3.4m for the company in June 2020 after co-leading a $15.6m series B round seven months earlier with printing services firm Toppan Printing, Rebright Partners and HealthQuad.
The series B round – which was initially reported to be $28.6m in size – was filled out by MSIVC, pharmaceutical group Elan Corporation, industrial trading firm CBC, Kois, Kalra and Venkatachalam.
HealthQuad had led MedikaBazaar’s $5m series A round in 2018, participating alongside MSIVC, Elan, CBC, food producer Sasaki Foods, Rebright Partners, Kois, Kalra and Venkatachalam. It came after Rebright Partners and unnamed other backers had injected roughly $1m in pre-series A funding at an unspecified date.
