InvAscent leads $20 mn funding in MediBuddy

InvAscent leads $20 mn funding in MediBuddy
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2 Feb, 2021

Digital healthcare platform MediBuddy, formerly DocsApp, on Tuesday said it has closed its Series B funding round of $40 million (Rs 292 crore).

In the latest transaction in the round, the company raised $20 million led by healthcare-focused private equity firm InvAscent via its India Life Sciences Fund III, said MediBuddy in a statement.

VCCirlce had reported earlier this month on MediBuddy roping in InvAscent as a new investor.

Other new investors that participated in this latest transaction are two Japan-based firms JAFCO Asia Fund and ALES Global Japan and two US-based firms TEAMFund LP and FinSight Ventures.

Existing investors including Bessemer Venture Partners, Milliways Ventures and Rebright Partners also pooled in capital.

MediBuddy will use the funds to further strengthen its doctor and hospital base, patient reach, product, technology and brand.

In June last year, DocsApp had merged with the Bengaluru-based digital consumer health business of MediBuddy. The merged entity had received $20 million as part of its Series B round of funding led by Bessemer then.

MediBuddy says it has a network of more than 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres and 2,500 pharmacies, covering over 95% of all pin codes in India.

Over 50% of its users are from non-urban areas, said Satish Kannan, co-founder and CEO, MediBuddy.

The startup was founded in 2015 by Kannan and Enbasekar Dinadayalane, both IIT Madras alumni.

This is InvAscent's first digital bet, showing growing interest for startups among traditional PE firms. In November, VCCirlce reported that TPG Growth was set to invest in an e-pharmacy.