MediBuddy closes $40 Million in Series B - the biggest round of funding in the Digital Healthcare space
Establishing MediBuddy as India’s No. 1 Digital Healthcare Platform
Bengaluru, 2nd February 2021: MediBuddy, India’s leading digital healthcare platform announced the closure of its $40 Million Series B Round. This follows the recent infusion of $20 million led by India Life Sciences Fund III, LLC, with participation from other investors. The digital healthcare platform had earlier announced an initial funding of $20 million (INR 150 crores) in June 2020 under this round. MediBuddy is led by co-founders Mr. Satish Kannan & Mr. Enbasekar, as the CEO and the CTO, respectively.
COVID-19 has created an unprecedented acceleration in digital healthcare adoption and MediBuddy has been at the forefront of this transformation. To-date, over 3 crore Indians have used the mobile and web platforms to access specialist doctors 24x7 on video, order medicines and book home collection of lab samples. In addition, several Fortune 500 companies in India have trusted MediBuddy as their preferred digital healthcare partner to help their employees access various healthcare benefits.
In June 2020, to create market leadership in the digital healthcare industry, DocsApp (India’s leading online doctor consultation platform) merged with MediBuddy. Going forward, both MediBuddy and DocsApp will operate under a single brand name - MediBuddy.
Addressing the press conference, Mr. Satish Kannan, Co-Founder & CEO, MediBuddy, said, “At MediBuddy, we strive towards making high-quality healthcare accessible to Indians across the length & breadth of the country. On any given day, we provide consultations to more patients than any leading offline hospital chain. Moreover, we are proud of the fact that over 50% of these users are from non-urban areas.”
Mr. Kannan also added that the potential of the MediBuddy platform has generated significant investor interest in the Series B round despite the uncertainty prevalent worldwide, helping it secure the highest funding in the digital healthcare space since the start of the pandemic. He also said that the Series B round attracted new investments from India Life Sciences Fund III, LLC, TEAMFund LP, JAFCO Asia Fund, FinSight Ventures, ALES Global Japan and Beyond Next Ventures. Existing investors including Bessemer Venture Partners, Milliways Ventures and Rebright Partners also participated in this round.
Mr. Vishal Gupta, Managing Director, Bessemer Venture Partners India, said, “We are fortunate to have been a part of Satish’s and Enba’s journey from the very early days. We continue to be strong supporters as they execute towards their aim of enabling more Indians to have access to high-quality healthcare.”
Mr. Vikul Goyal, Venture Partner, FinSight Ventures, said, “Telemedicine in India is growing at a monumental pace and the pandemic has only further amplified the importance of going digital. MediBuddy is by far the leader in the digital healthcare space in terms of scale, size & customers served; and we are excited to partner with MediBuddy in this growth journey to make high-quality healthcare accessible to a billion Indians.”
Mr. Devarajan TP, Managing Director, representative of India Life Sciences Fund III, LLC, on the Board, said, “The Fund is excited about partnering with MediBuddy and its dynamic leadership team with Satish and Enba at the helm. MediBuddy’s e-health platform enables customers access the entire gamut of healthcare services, be it tele-consultation services, lab tests or medicines, across devices. The Fund is particularly heartened by MediBuddy’s efforts at enabling such access in vernacular languages, which will be the key to meeting its mission of serving customers across the length and breadth of the country. Its marquee customer base, consisting of the India operations of several Fortune 500 companies, and many leading insurance companies, is testimony to the quality of services provided. The Fund’s representatives look forward to working with MediBuddy and supporting it in its endeavour to emerge as India’s preferred digital healthcare platform.”
Ms. Supriya Singh, Director, JAFCO Asia Fund, said, “The telemedicine market in India is a very large growing opportunity and MediBuddy is in a very strong position in this market. They have the most comprehensive platform to address the market needs. JAFCO Asia has been one of the key investors in Teladoc in the US which is right now at USD 38bn in market cap. JAFCO Asia is very proud to be a partner to Satish and Enba in the growth journey for MediBuddy.”
Mr. Yousuf Mazhar, Managing Partner, TEAMFund, said, “TEAMFund is very excited to partner with the team at MediBuddy, and is looking forward to helping build out their chronic disease management capabilities for remote patients. MediBuddy has built a first class, frictionless platform that integrates telehealth with essential lab and pharmaceutical services that we believe is amongst the best in the world. This is extremely valuable for patients across the country, and especially for those in rural and low resource areas who benefit from increased efficiency, lower cost, and increased access to specialized services.”
The digital healthcare platform will utilize the funding in further strengthening its doctor and hospital base, patient reach, product, technology and brand to move a step closer to its mission of providing high-quality healthcare to a billion people. Additionally, the platform has onboarded leading industry professionals over the last few months to drive critical areas, bolstering an already-strong leadership team.
With a network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies, covering over 95% of all pin codes in India, MediBuddy is well-positioned to strengthen its leadership position by providing 24x7 access to a range of healthcare services across India. MediBuddy is truly living up to its name of being a ‘buddy’ who can be trusted to meet all your healthcare needs.
MediBuddy is led by co-founders Mr. Satish Kannan & Mr. Enbasekar, as CEO & CTO, respectively.
MediBuddy is India’s largest digital healthcare platform. It gives users 24x7 access to high-quality healthcare on their fingertips. MediBuddy helps its users consult specialist doctors, order medicines and book lab tests from the comfort of their homes. It is also a partner to several leading corporate customers in the country and helps their employees access multiple healthcare benefits. MediBuddy users have access to online doctor consultations, wellness, preventive care services, fitness and hospitalization offered by its pan-India network of healthcare providers. Accessible both as an online portal as well as a mobile app, MediBuddy gives its users unparalleled, real-time access to all their health benefits anytime and from anywhere.
With diverse offerings for all stakeholders of the healthcare industry through a ‘phygital’ approach, MediBuddy makes discovering, accessing, utilising, and monitoring healthcare seamless, real-time, and virtually paperless, encapsulating user experience right from discovery to service delivery.
With a partner network of over 90,000 doctors, 7000 hospitals, 3000 diagnostic centres and 2500 pharmacies covering 23,000 pin-codes in India, and a 1000-member team located across 22 Indian cities, MediBuddy has catered to the healthcare needs of 3Cr Indians & attends to the needs of over 35,000 Indians daily across the length and breadth of the country. The app connects patients to experienced and verified doctors for online consultations across 18 specialties such as Cardiology, Neurology, Dermatology, Paediatrics, Gynaecology, Psychiatry, Orthopedics, General Medicine & more, instantly via chat, video, or voice call.
MediBuddy users can also order medicines and book a lab test through the platform from the comfort of their homes.One can save up to 60% through the app when consulting with leading doctors on the platform. The doctors on the app provide consultations inmanyIndian languages.
To establish market leadership and to strengthen its services, DocsApp (India’s largest online doctor consultation space) merged with MediBuddy.
The venture has so far raised over $50 million from India Life Sciences Fund III, LLC, Bessemer Venture Partners, Rebright Partners, TechMatrix Corporation, DeNA networks, Milliways Fund LLC, Mitsui Sumitomo (MSIVC), TEAMFund LP, JAFCO Asia Fund, FinSight Ventures, ALES Global Japan, Beyond Next Ventures, Makita corporation and Facebook’s angel investors, Anand Rajaraman and Venky Harinarayan.
MediBuddy’s pioneering work has been widely recognised by many leading entities:
● MediBuddy - Best Brand 2020 in Healthcare by ET Edge
● MediBuddy - Best Health & Wellness Solution by ET- Intelligent Health & Tech Awards 2020
● MediBuddy also bagged Marketing Campaign of the Year - #AapkaHealthBuddy & Award for Best Marketing Excellence in Health & Wellness Sector at National Awards for Marketing Excellence
● The “Industry Achievement Award 2019” by Hurun Report.
● The online digital platform also bagged 3 coveted awards- Best Healthcare Entrepreneur of the Year, Best Marketing Campaign, Best healthcare start-up of the year at Healthcare Leadership Awards presented by ABP News in the year 2019
● Best healthcare startup company of the year, Best use of social media & Digital marketing in Healthcare, Best Marketing Campaign - #BaatTohKaro (DocsApp) & Best Healthcare Entrepreneur of the year- Satish Kannan at National Healthcare Leadership Congress Awards presented by Zee Business in the year 2019.
● The ‘App of the Year 2017’ in the medical category by Amazon in association with Facebook.