Digital healthcare platform MediBuddy secures additional funding of $18 million
MediBuddy, a digital healthcare platform, secures $18 million in funding from existing investors, including Quadria Capital, Lightrock, and TEAMFund. The company aims to utilise the funds for strategic acquisitions and strengthening its services. CEO Satish Kannan reveals plans for profitability and expansion while emphasising chronic disease management acquisitions and turning EBITDA positive.
Digital healthcare platform MediBuddy announced on Wednesday that it has secured additional funding of $18 million from the existing investors Quadria Capital, Lightrock, and TEAMFund. In February 2022, MediBuddy raised $125 million during its Series-C funding.
“The recent additional funding puts MediBuddy in a solid position to ... achieve its ambitious growth targets over the next three years. A ... portion of these funds shall be ... channelled into strategic acquisitions and fortifying its existing offerings,” the company said in a statement.
Satish Kannan, Co-Founder and CEO of MediBuddy, told CNBC-TV18 that the platform has raised $200 million to date and is currently valued at close to $500 million. MediBuddy also acquired two companies recently — Clinix and vHealth — and will look at chronic disease management product and solutions companies for potential acquisitions. It is in conversation with two companies for acquisition at the moment, Kannan said.
MediBuddy’s focus, at present, is profitability, according to Kannan. “In the last couple of years, we focused on aggressive growth and now we will focus on profitability. We will turn profitable within two quarters of turning EBITDA positive,” he added.
Kannan also hinted at possible hiring for areas where the company needs new skills or capabilities. The company has close to 2,000 employees as of FY23, which is a jump from the 1,500 employees in FY22.
The healthcare platform has a partner network of over 90,000 doctors across more than 22 specialities, more than 7,100 hospitals and clinics, 4,000+ diagnostic centres, 2,500+ pharmacies and is available in 16 Indian languages. MediBuddy offers online and offline doctor consultations, medicine delivery, lab tests at home, mental health consultations, and surgery care, among other healthcare services.
First Published: Aug 30, 2023 6:25 PM IST
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