India-based virtual health company MediBuddy raises $125 million in Series C funding

Indian Virtual Healthcare Company MediBuddy announced a $125 million Series C financing round led by Quadria Capital and Lightrock India.

Founded in 2013, this brings the total revenue of the Bangalore, India-based company to just over $191.1 million, according to Crunchbase.

Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures and Alteria Capital also participated in the funding round.

WHAT THEY DO

The tech-first health company offers a number of services, including 24-hour access to telehealth visits with doctors and specialists. Members can use the service for laboratory tests at home. During the COVID-19 pandemic, the service expanded to include home RT-PCR testing and the provision of COVID-19 vaccinations. The service also opened a COVID-19 helpline and added a feature that can track the number of beds for COVID-19 patients.

The company operates on a membership model and currently works with over 700 employers across India. The subscription, MediBuddy Gold, covers the primary membership holder and their families.

WHAT IS IT FOR?

The company plans to use the new funds to build out its platform, particularly its data science capabilities and clinical research. This cash infusion will also help the company hire more staff and continue its product development.

“From the inception of MediBuddy, we have envisioned making quality healthcare easily accessible to one billion people in the country,” Satish Kannan, MediBuddy’s co-founder and CEO, said in a statement. “The digitization of healthcare has ensured that people living in even the most remote parts of the country have received timely medical care from professionals. With the latest round of funding, we will benefit from the strengthening of our network of healthcare providers and our team, while we add new services to the platform.”​

THE BIGGER TREND

Like many parts of the world, telecare in India has grown in popularity since the pandemic. According to Statista, the willingness to use telemedicine in India increased in all age groups, from pre-COVID-19 to post-COVID-19.

Several telecare-oriented companies are active in the region. AkosMD Healthcare launched its smart, automated retail clinic in India this summer. Moreover, Lytus Technologies launched a telemedicine business in India in 2021.

New York-based provider Memorial Sloan Kettering Cancer Center launched a branch in India and announced plans to offer remote video and written consultations to cancer patients.