Healthtech platform MediBuddy has secured $18 million from existing private equity backers Quadria Capital and Lightrock as well as impact investor TEAMFund.
The fresh infusion of capital will help the company drive expansion and make acquisitions, MediBuddy said in a statement.
The company didn't specify whether the fundraise was part of its Series D round or whether it was a bridge round. MediBuddy last raised $125 million in its Series C round, co-led by Quadria Capital and Lightrock India in February last year.
The startup also counts Bessemer Venture Partners, InvAscent, Rebright Partners, JAFCO Asia, FinSight Ventures, InnoVen Capital, Stride Ventures and Alteria Capital as its investors.
The company, which provides doctor consultation, lab tests, and medicine delivery, acquired the online doctor consultation platform Clinix in July 2022. It also acquired vHealth by Aetna, the Indian subsidiary of US healthcare company Aetna Inc., in February this year.
The startup didn’t elaborate on its planned takeover strategy but VCCircle reported earlier this month that it had earmarked $20 million for acquisitions.
Satish Kannan, co-founder and CEO of MediBuddy, said the company has managed to achieve a compound annual growth rate (CAGR) of 95.5% 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,” he said.
MediBuddy works with several large conglomerates in India. Its clientele includes leading companies from sectors like IT, telecom, automobiles, and banking. It also works with several insurance companies.
At present, MediBuddy has 8 million subscribers. Kannan says it reaches close to 30 million people, as the company provides benefits to family members of the subscribers as well.
Earlier this year, MediBuddy laid off close to 8% workforce, citing one-time restructuring. The rationale behind the layoffs was to eliminate redundancies, the company said in a statement on January 20.
Founded by Satish Kannan and Enbasekar Dinadayalane, the startup runs a technology platform that lets users have all-day access to specialist doctors via video calls and also has services like medicine delivery, at-home lab tests, mental health support, and other integrated healthcare services.
