Medikabazaar Revenue, Valuation, Funding & Investors

Medikabazaar is valued at $700M as of April 2022, a 4.2x multiple on its last reported $166M revenue.

Last Medikabazaar valuation

$700M

Series D · Apr 2022

Last Medikabazaar funding round

$65M

Series D · Apr 2022

Medikabazaar revenue

$166M

Series D · Apr 2022

Key investors in Medikabazaar

  • HealthQuad
  • Kois Invest
  • MITSUI SUMITOMO INSURANCE Venture Capital (MSIVC)
  • Ackermans & Van Haaren
  • Rebright Partners
  • Arun Venkatachalam

Medikabazaar Overview

About Medikabazaar

Medikabazaar is India's largest B2B online marketplace for medical supplies and equipment, linking healthcare providers with suppliers across urban and rural areas. Mumbai-headquartered, the platform connects over 50,000 medical establishments and 150,000 independent practitioners to 13,000 suppliers nationwide. Its network includes 26 fulfillment centers enabling last-mile delivery of essentials like PPE, diagnostics, and pharmaceuticals. During the COVID-19 pandemic, Medikabazaar supplied critical equipment to hospitals in Tier 2 and Tier 3 cities, establishing dominance in the fragmented Indian healthcare supply chain since its 2018 founding.


Founded

2015

HQ

IndiaMumbai

Status

Privately held

Customer focus

B2B

Revenue model

Commission

Revenue

$166M (Apr 2022)

Valuation

$700M (Apr 2022)

Medikabazaar Valuation

Medikabazaar is currently valued at $700M, based on its Series D in April 2022.

The $65M round was led by Lighthouse Funds, with participation from Creaegis, Kois Invest, British International Investment, HealthQuad and Ackermans & Van Haaren.

Medikabazaar's valuation has grown 3.0x from $235M at its Series C in September 2021 to $700M in April 2022, across 2 priced rounds.

Medikabazaar valuation by funding round

Revenue multiple
Medikabazaar valuation by funding round
DateStageValuationRevenue Multiple
Apr 2022Series D$700M4.2x
Sep 2021Series C$235M-

Medikabazaar Revenue

Medikabazaar's latest recorded revenue is $166M, as of its Series D in April 2022. At a $700M valuation, that implies a 4.2x revenue multiple.

Medikabazaar revenue by funding round

Medikabazaar revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2022$166M$700M4.2xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Medikabazaar Funding History

Medikabazaar has raised a total of $178M across 8 funding rounds.

Medikabazaar's first fundraising round was a $800K seed round in April 2017. The most recent completed round was a $65M Series D in April 2022.

Medikabazaar funding rounds

Medikabazaar funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2022Series DLighthouse Funds (lead); Creaegis; Kois Invest; British International Investment; HealthQuad; Ackermans & Van Haaren$65M$700MMedikabazaar is a Mumbai-based B2B medical supply chain platform that connects healthcare providers with suppliers to make healthcare accessible and affordable. In April 2022, it raised $65 million in a Series D funding round led by Lighthouse India Fund ($30 million), with participation from existing investors including Ackermans & van Haaren, British International Investment, Creaegis, HealthQuad, and Kois Invest. The round valued the company at $700 million, nearly tripling from the prior Series C valuation of $235 million. Funds were earmarked for enhancing tech capabilities, deepening supply ecosystem integration, expanding in India, and entering international markets like MENA. The company demonstrated strong financial growth in FY22, with operating gross revenue increasing 2.74x to Rs 1,552.53 crore from Rs 564.7 crore in FY21, alongside gross merchandise value (GMV) reaching $350 million. Management projected 2.5x GMV growth for FY23 and anticipated achieving unicorn status in a potential follow-on Series D by end-2022, supported by robust revenue momentum and new international operations. This traction positioned Medikabazaar as a leader in India's health-tech sector amid rising demand for efficient medical supply chains. Post-round developments included plans for further expansion, with discussions in 2026 for a $50 million raise committed partly by existing investors to fuel digital innovation and aim for billion-dollar scale. By then, revenues exceeded Rs 2,000 crore with operating breakeven achieved, and digital marketplace growth hit 100% YoY, reflecting sustained momentum in a competitive landscape.
Sep 2021Series CBritish International Investment (lead); Creaegis; Kois Invest; THE CATALYTIC IMPACT FOUNDATION (CIF); Rebright Partners; Sunil Kalra; Arun Venkatachalam; HealthQuad; Ackermans & Van Haaren; MITSUI SUMITOMO INSURANCE Venture Capital (MSIVC)$59M$235MMedikabazaar is an Indian B2B healthtech platform founded in 2015 that connects over 100,000 medical establishments, 150,000 independent professionals, and 15,000 seller partners to supply medical equipment and devices, focusing on smaller hospitals, nursing homes, and non-metro areas where about 50% of sales and 60% of customers originate. In September 2021, it raised approximately $58-75 million in a Series C round led by British International Investment (formerly CDC Group), with participation from Creaegis, Ackermans & Van Haaren, HealthQuad, Kois Invest, Rebright Partners, and others including individuals like Arun Venkatachalam and Sunil Kalra. The funding marked the largest in India's B2B healthcare space at the time, aimed at strengthening digital capabilities, deepening the supply ecosystem, enhancing technology-driven distribution, and bolstering capacity for nationwide medical supplies amid rapid growth. Founder and CEO Vivek Tiwari highlighted a remarkable operational rise in the prior fiscal and targeted 300% growth through FY22. British High Commissioner Alex Ellis and CDC's South Asia head Srini Nagarajan emphasized the investment's role in improving healthcare access and quality via the platform's innovation. This Series C followed earlier rounds including Series A ($5M in 2018 led by HealthQuad) and Series B ($15M in 2019 with Ackermans & van Haaren and HealthQuad), leading to a later Series D ($65M in April 2022 led by Lighthouse Funds at $700M valuation). Investors like British International Investment continued participation into subsequent rounds.
Jun 2020Series BAckermans & Van Haaren (lead)$3M-Medikabazaar is a Mumbai-based B2B healthtech marketplace founded in 2015 by Vivek Tiwari and Ketan Malkan, providing an online platform for medical equipment and supplies, focusing on Tier 2 and Tier 3 cities in India. It offers a digital catalog of over 300K products, seven fulfillment locations, and presence in 20 regions. The company launched AI-ML tools for stock projections and a B2B pharmaceutical division in 2019, and a Covid Combat Collaborative Platform in April 2020. In June 2020, Medikabazaar raised $3.5M (or approximately $3.4M) in a Series B extension round led by Ackermans & Van Haaren. This followed a $15M Series B in November 2019 led by HealthQuad, Ackermans & Van Haaren, Rebright Partners, and Toppan Printing, and a prior $5M Series A in October 2018 led by HealthQuad. Ackermans & Van Haaren had participated in earlier rounds alongside investors like MSIVC, Elan, CBC, Sasaki Foods, Kois Invest, and others. Ackermans & Van Haaren increased its stake to 5.4% direct participation by September 2021 through a $75M Series C round (EUR 64M), raising it to 8.7% direct and 11.1% beneficial including HealthQuad funds. A later Series D in April 2022 raised $65M at a $700M valuation led by Lighthouse Funds.
Nov 2019Series BAckermans & Van Haaren (lead); HealthQuad (lead); Toppan Printing (lead); Elan Corporation; Kois Invest; Sunil Kalra; Arun Venkatachalam; MITSUI SUMITOMO INSURANCE Venture Capital (MSIVC)$16M--
May 2019Series BKois Invest; Rebright Partners; HealthQuad; MITSUI SUMITOMO INSURANCE Venture Capital (MSIVC)$29M-Medikabazaar is a Mumbai-based B2B medical supply chain platform founded in 2014 by Vivek Tiwari, operating as an online aggregator for medical supplies with a digital catalogue of over 250,000 products, serving 20,000+ hospitals across 23 cities in India and internationally in the Middle East, Bangladesh, Indonesia, and Africa. The company had 12 fulfillment centers at the time and was planning expansion into Tier III and IV cities, logistics automation, technology infrastructure strengthening, and potential acquisitions. The platform enables hospitals to search, compare, and procure medical supplies efficiently. In May 2019, it was in talks for a Rs 200 crore Series B round from investors including HealthQuad, Rebright Partners, Mitsui Sumitomo Insurance Venture Capital (MSIVC), and Kois Invest. At that time, Medikabazaar aimed for aggressive growth, targeting $100 million in revenue and 5x overall growth by FY 2019-20, alongside expanding its employee base from 250. Post-2019, Medikabazaar raised $65M in April 2022 led by Lighthouse India at nearly 3X higher valuation than prior rounds. Later financials show significant scaling, such as operating gross revenue of Rs 564.7 crore in FY21 and Rs 1,552.53 crore in FY22. The company faced challenges including losses (e.g., Rs 303.4 crore in FY23, Rs 394.8 crore in FY24) amid governance issues, but achieved turnaround by Q2 FY26 with Rs 580-600 crore topline (80% YoY growth), EBITDA positivity, and targets for Rs 2,200 crore revenue and Rs 25 crore EBITDA in FY26.
Oct 2018Series AHealthQuad (lead); CBC Group; Elan Corporation; Kois Invest; Sasaki Foods; MITSUI SUMITOMO INSURANCE Venture Capital (MSIVC)$5M-Medikabazaar is a B2B online marketplace and aggregator for medical supplies, connecting 5,000 sellers with healthcare facilities including hospitals and clinics in tier-II, tier-III cities, and rural areas. The Mumbai-based startup, operated by Boston Ivy Healthcare Solutions Pvt. Ltd, raised $5 million in its Series A funding round on October 29, 2018, led by HealthQuad with participation from Elan Corporation, Sasaki Foods, CBC Co. Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital, and existing investors Rebright Partners, Sunil Kalra, and Arun Venkatachalam. The funds were allocated to strengthen technology, hire senior leadership and expand the team, streamline supply chain and logistics, grow fulfillment centers from 7 to over 20 across India including tier-II and tier-III locations, and reach 50,000 hospitals and clinics by the end of the next financial year. In the digital healthcare space, Medikabazaar competes with startups like eKincare, Medibox Technologies, Rxpress, and BookMEDS.com.
Sep 2017AngelIkuto Higashi (lead)$200K--
Apr 2017SeedRebright Partners (lead); Sunil Kalra; Arun Venkatachalam$800K--

Who has invested in Medikabazaar?

16 investors have backed Medikabazaar across its funding rounds, including HealthQuad, Kois Invest, MITSUI SUMITOMO INSURANCE Venture Capital (MSIVC), Ackermans & Van Haaren, Rebright Partners and Arun Venkatachalam.

Lead investors include Lighthouse Funds, British International Investment, Ackermans & Van Haaren, HealthQuad, Toppan Printing and 2 other investors.


Medikabazaar Investors

Investors in Medikabazaar by funding rounds participated
InvestorHQRoundsRoleFirst check
Kois InvestBelgiumBrussels5ParticipantOct 2018
HealthQuadIndiaNew Delhi5LeadOct 2018
Ackermans & Van HaarenBelgiumAntwerp4LeadNov 2019
MITSUI SUMITOMO INSURANCE Venture Capital (MSIVC)JapanTokyo4ParticipantOct 2018
Rebright PartnersIndiaBangalore3LeadApr 2017
Sunil KalraIndiaNew Delhi3ParticipantApr 2017
Arun VenkatachalamUnited KingdomLondon3ParticipantApr 2017
CreaegisIndiaBangalore2ParticipantSep 2021
Elan CorporationIrelandDublin2ParticipantOct 2018
British International InvestmentUnited KingdomLondon2LeadSep 2021
CBC GroupSingaporeSingapore1ParticipantOct 2018
THE CATALYTIC IMPACT FOUNDATION (CIF)United StatesNew York City, NY1ParticipantSep 2021
Lighthouse FundsIndiaMumbai1LeadApr 2022

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Medikabazaar Competitors

Medikabazaar competitors include listed companies like Upwork and Izumi Co, and private ones like Reibus, Globality, Captain Fresh and Huochebang.

Public and private companies comparable to Medikabazaar
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ReibusUnited StatesAtlanta, GAPrivate--$750M-
GlobalityUnited StatesSan Francisco, CAPrivate--$900M-
Captain FreshIndiaBangalorePrivate--$521M-
HuochebangChinaGuizhouPrivate--$1B-
UpworkUnited StatesUnited StatesPublicly listed$788M$180M$1B1.1x
Izumi CoJapanJapanPublicly listed$3.6B$298M$1.3B0.6x

Medikabazaar Public Comps

Medikabazaar is still privately-owned, but its public comps include Hemnet, Salus, WeBuyCars, MediaAlpha, Ixigo, AUCNET, DIP, Arjo, Cars.com and Maoyan Entertainment.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hemnet$155M$78M4.9x5.2x9.7x11.3x
Salus$800M$32M0.9x-22.4x-
WeBuyCars$1.6B$90M0.5x0.5x9.9x8.8x
MediaAlpha$1.1B($97M)0.7x0.6x(7.9x)6.0x
Ixigo$128M$8M5.2x4.7x87.0x60.0x
AUCNET$410M$63M1.5x1.3x9.5x7.7x
DIP$350M$84M1.5x1.5x6.1x7.4x
Arjo$1.1B$177M0.7x0.7x4.7x4.1x

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Common questions about Medikabazaar

When was Medikabazaar founded?Medikabazaar was founded in 2015.
Where is Medikabazaar headquartered?Medikabazaar is headquartered in Mumbai, India.
Is Medikabazaar publicly listed?No, Medikabazaar is a private, VC-backed company.
What is Medikabazaar's valuation?Medikabazaar was last valued at $700M in its Series D in April 2022.
How much funding has Medikabazaar raised?Medikabazaar has raised $178M across 8 funding rounds.
What was Medikabazaar's last funding round?Medikabazaar's last funding round was a $65M Series D in April 2022, led by Lighthouse Funds.
Who are Medikabazaar's investors?Medikabazaar's investors include Kois Invest, HealthQuad, Ackermans & Van Haaren, MITSUI SUMITOMO INSURANCE Venture Capital (MSIVC), Rebright Partners, Sunil Kalra, Arun Venkatachalam, Creaegis, Elan Corporation, British International Investment and 6 others.
What is Medikabazaar's revenue?Medikabazaar's latest recorded revenue is $166M (April 2022).
What is Medikabazaar's revenue multiple?Medikabazaar's latest valuation implies a 4.2x revenue multiple ($700M valuation on $166M of revenue).
Which companies are comparable to Medikabazaar?Companies comparable to Medikabazaar include Reibus, Globality, Captain Fresh, Huochebang, Upwork and Izumi Co.

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