India-based medical supplies platform Medikabazaar is set to raise Rs 2bn ($28.6m) in a series B round that includes the venture capital arm of insurance provider Mitsui Sumitomo, VCCircle has reported.
Mitsui Sumitomo Insurance Venture Capital will be joined by HealthQuad, Rebright Partners and Kois Invest in the round, which will consist of both equity and debt financing.
Medikabazaar provides an online marketplace that allows hospitals and clinics to search, compare and buy medical devices, supplies, equipment, consumables and hospital furniture.
HealthQuad led a $5m series A round for the company in October 2018, investing alongside Mitsui Sumitomo Insurance Venture Capital, pharmaceutical firm Elan Corporation, food supplier Sasaki Foods, industrial trading group CBC, Rebright Partners, Kois Invest, Sunil Kalra and Arun Venkatachalam.
The company had initially collected approximately $1m in a pre-series A round backed by Rebright and undisclosed investors, though it is unclear when that funding closed.