medikabazaar: Medikabazaar looks to raise up to $200 mn for expansion

Mumbai: Medikabazaar, India’s largest B2B e-commerce market for medical provides, is gearing as much as elevate $150-$200 million from non-public fairness buyers to fund growth by way of acquisitions and natural development.

“We’re actively in search of one other substantial spherical of funding to gasoline our growth,” stated Vivek Tiwari, co-founder and CEO of Medikabazaar, in an interview to ET. “We wish to elevate a big spherical of funding, within the vary of $150-200 million in six months,” Tiwari added.

If the proposed fundraise materialises, Medikabazaar will probably enter unicorn membership, or $1-billion valuation. Medikabazaar in April 2022 raised round $65 million from Lighthouse India Fund and different buyers. Based on startup information platform Tracxn, Medikabazaar was valued at $641 million within the final funding spherical.

Tiwari stated the funding would enable Medikabazaar to discover a spread of acquisition alternatives together with logistic corporations, fintechs, technological capabilities, specialty distribution firms, and white label merchandise.

In FY23, Medikabazaar achieved a gross merchandise worth (GMV) of round $536 million, leading to a web income of $70-80 million, equating to lower than 1% of whole GMV.

Tiwari stated Medikabazaar is sustaining breakeven. “There is no such thing as a evident money burn within the enterprise, permitting us to keep up a break-even or barely optimistic EBITDA.” Tiwari says he expects Medikabazaar to realize a minimum of 2-3% of the entire Indian healthcare medical provides market in subsequent 5 years, translating into GMV of over 5 occasions the present ranges.viswanath.pilla@timesgroup.com