India-based medical industry supplies marketplace Medikabazaar has secured Rs 1.12bn ($15.6m) in a series B round co-led by printing services provider Toppan Printing, the Economic Times reported yesterday.
The round was co-led by diversified holding group Ackermans & Van Haaren and venture capital firms Rebright Partners and HealthQuad.
Mitsui Sumitomo Insurance Venture Capital, the corporate VC arm of insurance group Mitsui Sumitomo, also took part, as did pharmaceutical company Elan Corporation, industrial trading company CBC, impact investment firm Koisinvest and angel investors including Sunil Kalra and Arun Venkatachalam.
Founded in 2014, Medikabazaar operates an online marketplace that provides healthcare clients such as hospitals with access to more than 300,000 medical equipment products dispatched through one of 17 fulfilment centres.
The platform compares prices from multiple international medical suppliers, granting free delivery for orders over a certain size. Medikabazaar will use the capital to expand its platform, headcount and supply chain.
The company also proposes to diversify into additional product categories including pharmaceutical supplies, vascular surgery, gynaecology and interventional radiology.
Reports in May this year suggested Mitsui Sumitomo Insurance Venture Capital could join HealthQuad, Rebright and Koisinvest to supply $28.6m in series B equity and debt financing for Medikabazaar, though the final amount was apparently smaller.
Medikabazaar raised $5m in an October 2018 series A round led by HealthQuad and backed by Mitsui Sumitomo Insurance Venture Capital, Elan, CBC, food supplier Sasaki Foods, Rebright Partners, Koisinvest, Sunil Kalra and Arun Venkatachalam.
Rebright Partners and unnamed additional investors had already provided about $1m of pre-series A funding for the company at an undisclosed date.