MediBuddy raises $18 million in funding from existing investors

Satish Kannan and Enbasekar Dinadayalane

Healthtech platform MediBuddy, on August 30, said it raised an additional funding of $18 million from the existing investors Quadria Capital, Lightrock, and TEAMFund.

In a statement, the company said it will use this fund infusion for growth and expansion through acquisitions.

Founded in 2015 by IIT Madras alumni Satish Kannan and Enbasekar Dinadayalane, MediBuddy runs a technology platform that lets users have all-day access to specialist doctors via video calls and also has services like medicine delivery, at-home lab tests, mental health support, and other integrated healthcare services.

"The additional funds will be critical in driving our strategic acquisition initiatives, further expanding our reach, and enhancing the depth and breadth of our services," said Kannan, who is also the CEO of MediBuddy.

According to the company, it helps more than 35,000 users every day, and currently has an existing customer base of about three crore Indians.

The company earlier acquired Clinix, an online medical consultation platform focusing on rural India, and US-based Aetna Inc’s v Health by Aetna business.

The company has raised about $191 million in equity and venture debt funding to date, according to data available on private marker data provider platform Tracxn, till now.

It last raised $125 million in February 2022 as a part of its Series C funding round co-led by private equity firms Quadria Capital and Lightrock India. MediBuddy, however, did not disclose its valuation then.

Besides Lightrock India, TEAMFund and Quadria Capital, MediBuddy also counts India Life Sciences Fund III, Bessemer Venture Partners, Rebright Partners, JAFCO Asia, FinSight Ventures, InnoVen Capital, Stride Ventures, and Alteria Capital as its backers.

In January, the company laid off about 8 percent of its staff across departments, in what was described as a 'one-time restructuring exercise' by MediBuddy.