MediBuddy raises $20mn funding from India Life Sciences Fund III, others

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Health-tech company MediBuddy on Monday said it raised USD 20 million (about Rs 145 crore) earlier this month from India Life Sciences Fund III, LLC and others.

The company had announced an initial funding of USD 20 million in June last year under the series B round, a statement said.

"The additional infusion of USD 20 million led by India Life Sciences Fund III, LLC, with participation from other investors," it added.

The series B round has attracted new investments from India Life Sciences Fund III, LLC, TEAMFund LP, JAFCO Asia Fund, FinSight Ventures, ALES Global Japan and Beyond Next Ventures.

The round has also seen participation from existing investors including Bessemer Venture Partners, Milliways Ventures and Rebright Partners. The company has raised over USD 50 million so far.

Founded by Satish Kannan and Enbasekar, MediBuddy's platform has a partner network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies, and a 1,000-member team located across 22 Indian cities.

"We will utilize the funding in further strengthening our doctor and hospital base, patient reach, product, technology, and brand; to move a step closer to our mission of providing high-quality healthcare to a billion people," MediBuddy co-founder and CEO Satish Kannan said.

Additionally, the company has onboarded leading industry professionals over the last few months to drive critical areas, bolstering an already-strong leadership team, he added.

Last week, InnoVen Capital had announced investing Rs 25 crore in debt fund into MediBuddy. This debt fund is a part of the USD 40 million round, Kannan said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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