Medikabazaar, an online platform for medical equipment and supplies, is currently in talks to raise around $28 million (₹200 crore) from a few prominent venture capital investors in Japan, Belgium and Germany.
The startup was founded in 2015 by Vivek Tiwari and Ketan Malkan and sells medical supplies to over 20,000 hospitals and clinics across 23 cities in India.
The fresh investment will be used to expand the strength of the company and to other companies as well as upgrade technology. Earlier, the company has already received a funding of $5 million in a Series A round led by HealthQuad and Rebright Partners.
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Medikabazaar currently stocks over 250,000 categories of medical and hospital supplies, including devices, consumables, disposables, dental products and furniture.
“Medikabazaar is currently aiming for a 5X growth in terms of overall revenue; we are targeting revenues of $100 million in revenue for FY2019-20,” said Tiwari.
Medikabazaar is one of several online B2B startups that are receiving investor attention. They plan to expand their services into 3 tier cities in India and will focus on the same.