Digital HealthCare Startup MediBuddy Closes $40 Million Series B Funding Round

• In June 2020, Medibuddy acquired DocsApp for an undisclosed amount in a cash-stock deal.
• Earlier in November last year, DocsApp had raised $8 million from JAFCO Asia Tech Fund and Team Fund LP.
• In the latest fundraise, Medibuddy has raised $20 million in funding from InvAscent's India Life Sciences Fund III.

Bengaluru-based digital healthcare startup Medibuddy, on February 2, announced the closure of its $40 million (or about Rs 292 crore) Series B funding round after raising $20 million from InvAscent's India Life Sciences Fund III.

The latest round has brought in new investors, including InvAscent, 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 invested in the funding round.

The company will use the raised funding to further increase its reach to patients, product development, technological improvements, and strengthen its doctor and hospital base.

In June 2020, Medibuddy announced its merger with leading online doctor consultation platform DocsApp for an undisclosed amount in a cash-stock deal. With that development, both merged entities had raised $20 million (or about Rs 150 crore) in its Series B funding round from Bessemer Venture Partners and others.

Later in November 2020, DocsApp had raised $8 million in funding from JAFCO Asia Tech Fund and Team Fund LP with a post valuation of $150 million.

Medibuddy (Medi Assist Healthcare Services Ltd.), which was founded in 2000, initially launched a tool to schedule hospital visits, raise and track health insurance claims, search for insurance-covered network hospitals. It later evolved into online doctor consultations and home-based blood tests.

Commenting on the investment, MDevarajan TP, Managing Director, representative of India Life Sciences Fund III, LLC, said, 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."

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"We continue to be strong supporters as they execute towards their aim of enabling more Indians to have access to high-quality healthcare," said Vishal Gupta, Managing Director of Bessemer Venture Partners.

Medibuddy claims to have a leading network of 90,000 doctors, 7,000 hospitals, 3000 diagnostic centres covering over 95% of all pin codes in India.

It also claims that it is one of India's leading digital healthcare platforms using innovative technology that allows zero-friction access to their users.

Medibuddy currently competes with other similar digital healthcare platforms such as Practo, Medi Assist, MFine, among others.

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