“We are actively seeking another substantial round of investment to fuel our expansion,” said Vivek Tiwari, co-founder and CEO of Medikabazaar, in an interview to ET. “We are looking to raise a large round of investment, in the range of $150-200 million in six months,” Tiwari added.
If the proposed fundraise materialises, Medikabazaar will possibly enter unicorn club, or $1-billion valuation. Medikabazaar in April 2022 raised around $65 million from Lighthouse India Fund and other investors. According to startup data platform Tracxn, Medikabazaar was valued at $641 million in the last funding round.
Tiwari said the funding would allow Medikabazaar to explore a range of acquisition opportunities including logistic firms, fintechs, technological capabilities, specialty distribution companies, and white label products.
In FY23, Medikabazaar achieved a gross merchandise value (GMV) of around $536 million, resulting in a net revenue of $70-80 million, equating to less than 1% of total GMV.
Tiwari said Medikabazaar is maintaining breakeven. “There is no evident cash burn in the business, allowing us to maintain a break-even or slightly positive EBITDA.” Tiwari says he expects Medikabazaar to achieve at least 2-3% of the total Indian healthcare medical supplies market in next five years, translating into GMV of over five times the current [email protected]
