The management expects the company’s core business to turn profitable by March 2024
In a statement, the company said it will use this fund infusion for growth and expansion through acquisitions.
MediBuddy has laid off about 8 percent of its staff across departments, in what was a 'one-time restructuring exercise' according to the company. The rationale behind the layoffs was to eliminate redundancies, the company said.
The merger was first announced in June 2020, in a cash-and-stock deal. Back then, the company said both brands had agreed to continue existing independently
In June 2020, Medibuddy had announced a merger with online doctor consultation provider DocsApp for an undisclosed amount. The merger was in a cash-and-stock deal and both brands had agreed to continue existing independently.