MediBuddy Valuation, Funding & Investors
MediBuddy is valued at $450M as of February 2022.
Last MediBuddy valuation
$450M
Series C · Feb 2022
Last MediBuddy funding round
$18M
Undisclosed stage · Aug 2023
Cumulative funding MediBuddy raised
$203M
across 4 funding rounds
Key investors in MediBuddy
TEAMFund
Bessemer Venture Partners
JAFCO Asia
Rebright Partners
FinSight Ventures
InvAscent
About MediBuddy
MediBuddy is a Bengaluru-headquartered digital healthcare platform in India. It offers online consultations, lab tests, medicine delivery, and corporate wellness programs, bridging patients with providers nationwide.
Founded
2013
HQ
BangaloreWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Services
Valuation
$450M (Feb 2022)
MediBuddy Valuation
MediBuddy is currently valued at $450M, based on its Series C in February 2022.
The $125M round was led by Lightrock and Quadria Capital, with participation from Stride Ventures, Alteria Capital, InvAscent, JAFCO Asia, Bessemer Venture Partners and 4 other investors.
MediBuddy's valuation has grown 2.7x from $165M at its Series B in February 2021 to $450M in February 2022, across 2 priced rounds.
MediBuddy valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2022 | Series C | $450M |
| Feb 2021 | Series B | $165M |
MediBuddy Funding History
MediBuddy has raised a total of $203M across 4 funding rounds.
MediBuddy's first fundraising round was a $20M Series B in October 2013. The most recent completed round was a $18M undisclosed-stage round in August 2023.
MediBuddy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2023 | Undisclosed stage | TEAMFund; Quadria Capital | $18M | - | MediBuddy is a Bengaluru-based healthtech startup offering digital healthcare services. It raised $18 million in a Series C-II round on August 30, 2023, from existing investors including Quadria Capital, Lightrock, and TEAMFund, with a majority portion allocated for strategic acquisitions and fortifying offerings. The company was on an acquisition spree during FY23. In FY23 (financial year 2022-23, ending March 2023), MediBuddy's operating revenue grew 27.2% year-on-year to INR 297.7 crore from INR 234.1 crore in FY22. Total revenue, including interest and other non-operating income, reached INR 327.2 crore. Despite revenue growth, net loss widened 24% to INR 321.7 crore from INR 259.3 crore, driven by total expenses surging over 30% to INR 648.9 crore. Key expenses included cost of materials at 35% of total, salaries and wages at INR 115 crore, and advertising at INR 114.5 crore. Employee share-based payments rose to INR 13 crore. The company underwent restructuring, laying off around 200 employees in January 2023. MediBuddy has raised a total of $208.33 million over 13 funding rounds from 23 investors. Backers include Quadria Capital, Lightrock India, Bessemer Venture Partners, and others. Later developments include debt financing and a Series C-III round in April 2025. |
| Feb 2022 | Series C | Lightrock (lead); Quadria Capital (lead); Stride Ventures; Alteria Capital; InvAscent; JAFCO Asia; Bessemer Venture Partners; TEAMFund; Rebright Partners; FinSight Ventures; InnoVen Capital | $125M | $450M | MediBuddy, a Bengaluru-based digital healthcare platform founded around 2013-2000, provides 24x7 access to specialist doctors via video calls, doorstep medicine delivery, at-home lab tests, mental health support, and integrated healthcare services. It operates on a membership model like MediBuddy Gold, covering employees and families, and serves over 700 corporates and more than 5 million employees including family members across a network of 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centers, and 2,500 pharmacies covering 96% of Indian pin codes. The platform focuses on organizing primary healthcare, expanding to Tier II and III towns, with 40% of revenue currently from tier-2 and lower cities expected to rise to 50%. In February 2022, MediBuddy raised $125 million in its Series C funding round co-led by Quadria Capital and Lightrock India, with participation from existing investors including Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures, and Alteria Capital. The round was a mix of primary and secondary shares, with less than 10% secondary, advised exclusively by Avendus Capital. Post-funding, the startup was valued at $450 million. The fresh capital is earmarked for ramping up hiring, strengthening technology platforms including data science capabilities, clinical research, product development, customer awareness, and deeper penetration into tier-2 and lower cities. Co-founder and CEO Satish Kannan highlighted capitalizing on network expansion and new services, while Lightrock's Tejasvi Ravi praised MediBuddy's role in improving healthcare access and quality. This followed a $40 million Series B in February 2021, bringing total funding over $191 million by some accounts, with later additional raises like $18 million in August from existing investors. |
| Feb 2021 | Series B | InvAscent (lead); JAFCO Asia; Bessemer Venture Partners; TEAMFund; Rebright Partners; ALES Global Japan; Beyond Next Ventures; Milliways Ventures; FinSight Ventures | $40M | $165M | MediBuddy, a Bengaluru-based digital healthcare platform formerly known as DocsApp after their merger, closed its Series B funding round of $40 million (Rs 292 crore) in February 2021. The round was led by InvAscent's India Life Sciences Fund III with a $20 million investment, following an initial $20 million tranche in June 2020 led by Bessemer Venture Partners. New investors included ALES Global Japan, JAFCO Asia, FinSight Ventures, TEAMFund, and Beyond Next Ventures, with participation from existing backers Bessemer Venture Partners, Milliways Ventures, and Rebright Partners. The funds were earmarked to strengthen MediBuddy's doctor and hospital network, expand patient reach, enhance product and technology, and build brand presence. At the time, MediBuddy boasted a vast network of over 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres, and 2,500 pharmacies, covering 95% of India's pin codes, with over 50% of users from non-urban areas and serving over three crore Indians, including 35,000 daily users across 18 specialties via tele-consultations. One source estimates the post-money valuation at $164-167 million for this round, supporting post-merger integration and expansion in the burgeoning digital health sector accelerated by COVID-19. MediBuddy positioned itself as a comprehensive e-health platform offering tele-consultations, lab tests, medicines, and corporate healthcare solutions, partnering with Fortune 500 companies. The round highlighted growing investor interest in digital health amid global uncertainties, marking InvAscent's first digital investment. MediBuddy, founded in 2015 by IIT Madras alumni Satish Kannan and Enbasekar Dinadayalane, aimed to scale accessible healthcare to a billion Indians with a 1,000-member team across 22 cities. |
| Oct 2013 | Series B | - | $20M | - | MediBuddy, founded in 2013 as Phasorz Technologies Private Limited, is an India-based digital healthcare platform offering teleconsultations, at-home lab tests, medicine delivery, mental health support, and health insurance services. It operates on a membership model, partnering with over 700 employers, and expanded during COVID-19 to include RT-PCR testing, vaccinations, and bed tracking. The company has raised total funding exceeding $189 million across multiple rounds from investors like Bessemer Venture Partners, Quadria Capital, and Lightrock India. The specific October 2013 round, listed as a Series B, raised ₹1.3B (approximately $20-25M at historical exchange rates). The explicit purpose was to expand the platform's reach and enhance service offerings. Subsequent rounds include a $40M Series B in February 2021 led by InvAscent at an estimated $164-167M valuation post-merger with DocsApp, a $125M Series C in February 2022, and an $18M venture round in August 2023. Traction metrics from later periods show MediBuddy serving over 30 million users with a network of 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centers, and 2,500 pharmacies. Recent financials indicate revenue of ₹373.3 Cr+ in FY24. The company employs around 1,734 people and positions itself as India's largest end-to-end digital healthcare platform. |
Who has invested in MediBuddy?
14 investors have backed MediBuddy across its funding rounds, including TEAMFund, Bessemer Venture Partners, JAFCO Asia, Rebright Partners, FinSight Ventures and InvAscent.
Lead investors include Lightrock, Quadria Capital and InvAscent.
MediBuddy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 New York City, NY | 3 | Participant | Feb 2021 | |
| Hyderabad | 2 | Lead | Feb 2021 | |
 Singapore | 2 | Participant | Feb 2021 | |
| San Francisco, CA | 2 | Participant | Feb 2021 | |
| Bangalore | 2 | Participant | Feb 2021 | |
| Singapore | 2 | Lead | Feb 2022 | |
| San Francisco, CA | 2 | Participant | Feb 2021 | |
| New Delhi | 1 | Participant | Feb 2022 | |
| Mumbai | 1 | Participant | Feb 2022 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} ALES Global Japan |  Japan | 1 | Participant | Feb 2021 |
| Tokyo | 1 | Participant | Feb 2021 | |
 London | 1 | Lead | Feb 2022 | |
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Start Free TrialAcquisitions by MediBuddy
MediBuddy has acquired 3 companies to date.
Last acquisition by MediBuddy was on February 9th 2023. MediBuddy acquired MediBuddy vHealth for undisclosed valuation.
Latest Acquisitions by MediBuddy
| Description | MediBuddy vHealth is a Delhi-based digital healthcare provider serving 3.5 million subscribers in India. It delivers preventive and primary care via in-house doctors, dieticians, psychologists, and 3,500 partner centers across 2,000 cities. | Clinix is an India-based telemedicine platform. It facilitates online consultations with known doctors or a selection of platform experts, enabling virtual visits for general and specialist care accessible nationwide. | DocsApp is a Bangalore-based mobile telemedicine platform enabling consultations with specialist MD doctors in India within 30 minutes via chat or call. Covering 25 specializations including cardiology, neurology, and pediatrics, it operates in 1,000 cities with over 5,000 physicians. Patients upload symptoms and reports for prescriptions and follow-ups from home. DocsApp partners with labs for integrated testing and pharmacies for medicine delivery. |
| HQ Country | | | |
| HQ City | New Delhi | Hyderabad | Bangalore |
| Deal Date | 9 Feb 2023 | 13 Jul 2022 | 4 Jun 2020 |
| Valuation | undisclosed | $200K | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
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MediBuddy Competitors
MediBuddy competitors include listed companies like JMDC and BlinkLab, and private ones like Hazel Health, Practo, Levels and Superpower.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $554M | - | |
| Bangalore | Private | $25M | $2M | $310M | 12.4x | |
| United States | Private | - | - | $300M | - | |
| Los Angeles, CA | Private | - | - | $300M | - | |
| Japan | Publicly listed | $324M | $88M | $1.5B | 4.6x | |
 Australia | Publicly listed | $848K | ($5M) | $87M | 87.2x |
MediBuddy Public Comps
MediBuddy is still privately-owned, but its public comps include Yidu Tech, Medley Inc., TaiDoc Technology, Guiyang Longmaster, Evolent Health, Bayzed Health Group, Cogstate, Veradigm, Echo IQ and American Well.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $122M | ($4M) | 1.4x | 1.2x | (45.0x) | 7.7x | |||
| $236M | $32M | 2.1x | 1.8x | 15.7x | 13.2x | |||
| $132M | $58M | 2.1x | - | 4.8x | - | |||
| $44M | $5M | 10.0x | - | 87.9x | - | |||
| $1.9B | ($365M) | 0.7x | 0.5x | (3.5x) | 9.4x | |||
| $167M | $18M | 3.0x | - | 28.4x | - | |||
| $58M | $18M | 6.3x | 5.7x | 20.0x | 18.9x | |||
| $588M | $54M | 0.9x | 0.9x | 9.8x | 6.8x | |||
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Common questions about MediBuddy
| When was MediBuddy founded? | MediBuddy was founded in 2013. |
| Where is MediBuddy headquartered? | MediBuddy is headquartered in Bangalore, India. |
| Is MediBuddy publicly listed? | No, MediBuddy is a private, VC-backed company. |
| What is MediBuddy's valuation? | MediBuddy was last valued at $450M in its Series C in February 2022. |
| How much funding has MediBuddy raised? | MediBuddy has raised $203M across 4 funding rounds. |
| What was MediBuddy's last funding round? | MediBuddy's last funding round was a $18M undisclosed-stage round in August 2023. |
| Who are MediBuddy's investors? | MediBuddy's investors include TEAMFund, InvAscent, JAFCO Asia, Bessemer Venture Partners, Rebright Partners, Quadria Capital, FinSight Ventures, Stride Ventures, Alteria Capital, ALES Global Japan and 4 others. |
| Which companies are comparable to MediBuddy? | Companies comparable to MediBuddy include Hazel Health, Practo, Levels, Superpower, JMDC and BlinkLab. |
| How many companies has MediBuddy acquired? | MediBuddy has acquired 3 companies, including MediBuddy vHealth, Clinix and DocsApp. |
| What was the largest acquisition by MediBuddy? | The $200K acquisition of Clinix in July 2022 is the largest acquisition MediBuddy has made to date. |
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