Digital healthcare platform MediBuddy secured $18 M from Lightrock, others
The existing investors Quadria Capital, Lightrock, and TEAMFund have contributed an additional $18 million to the digital healthcare platform Medibuddy.
MediBuddy announced its merger with rival DocsApp in June 2022. Since their merger, the combined company has succeeded in raising more than $180 million, including a $125 million Series C round in February of last year.
The company stated in a press release that a significant portion of these funds will be applied to strategic acquisitions and the improvement of its current product offerings. In the last year, MediBuddy has purchased the online medical consultation platform Clinix and the vHealth by Aetna division of US-based Aetna Inc.
When ordering medications, scheduling lab tests, or consulting with specialists, MediBuddy assists its users. The business provides services in 18 different specialties, including dermatology, pediatrics, gynecology, and others, via voice, video, or chat.
It also collaborates with a number of top business clients, assisting those clients’ staff members in accessing a variety of healthcare benefits. Across 22 Indian cities, Medibuddy claims to have over 90,000 doctors, 7,100 hospitals, 4,000 diagnostic centers, 2,500 pharmacies, and a 2,200-member team.
Although MediBuddy has not yet submitted its FY23 financial information, its operating revenue increased by 58.5% to Rs 234 crore in FY22 from Rs 147.6 crore the year before (FY21) despite the fact that the company has not yet submitted its FY23 financial information. Over the last three years, the company claims it has experienced a compound annual growth rate (CAGR) of 95.5%.
In addition to a number of other businesses, Lybrate, Practo, 1mg, and DoctorInsta, which are all owned by Pristyn Care, are competitors of MediBuddy.
