Medikabazaar is a startup from India that aims to revolutionize the healthcare industry by providing a one-stop solution for medical supplies. Founded in 2015 by Vivek Tiwari and Ketan Malkan, the company has a compelling story behind its inception.
Vivek Tiwari, the founder of Medikabazaar, was motivated by a personal experience. His grandmother, who was a dialysis patient, faced significant challenges in accessing well-equipped dialysis centers and adequate medical supplies, especially in non-metro cities. This led Vivek to question why such facilities couldn't be available in smaller towns across India. He envisioned a platform that would bridge the gap between healthcare providers and medical suppliers, making high-quality medical supplies accessible to all[1][2][5].
The early days of Medikabazaar were marked by a determination to solve this critical issue. Vivek saw an opportunity to leverage technology to streamline the procurement process for medical supplies, reducing the time and effort spent by healthcare providers in sourcing these essential items. This vision has been the driving force behind Medikabazaar's growth and innovation.
Vivek Tiwari, the founder and CEO of Medikabazaar, is an alumnus of IIM-Calcutta. His educational background and entrepreneurial spirit played a crucial role in shaping the company's strategy and direction. Ketan Malkan, the co-founder, also brought valuable expertise to the table, helping to establish and grow the business. Together, they formed a strong founding team that laid the foundation for Medikabazaar's success[1][5].
The founding team's experience and understanding of the healthcare sector were instrumental in identifying the needs of hospitals and medical establishments. They recognized the fragmented and unorganized nature of the healthcare provider market in India and sought to bring order and efficiency through their digital platform.
Since its inception, Medikabazaar has undergone significant evolution, transforming from a small startup to a leading B2B health technology marketplace in India. Here’s a look at its journey from the initial concept to its current state.
Medikabazaar started as a one-room office in 2015 and has since grown to become a major player in the healthcare supply chain. The company began by creating a digital catalogue of medical supplies, which has now expanded to include over 1 lakh products. This platform allows hospitals and medical establishments to search, compare, and procure medical supplies efficiently[1][2][5].
Today, Medikabazaar operates in 55 Indian cities and has expanded its presence to the Middle East and North Africa. It caters to more than 18,000 hospitals and medical centers directly, and its customer base includes over 150,000 independent practitioners. The company's growth has been fueled by its ability to provide a streamlined and transparent digital procurement process for medical supplies.
Medikabazaar has achieved several key milestones in its growth journey. Here are some notable ones:
These milestones reflect Medikabazaar's rapid growth and its commitment to expanding its reach and services.
Medikabazaar has continuously expanded its product portfolio to cater to the diverse needs of healthcare providers. Here are some key additions:
These additions have enhanced the company's ability to provide comprehensive solutions to the healthcare sector.
Medikabazaar's technology infrastructure is a cornerstone of its success, enabling efficient and transparent procurement processes for medical supplies. Here’s a look at its core platform architecture, security framework, and innovative contributions.
Medikabazaar's platform is designed to be user-friendly and efficient. It features a digital catalogue with over 1 lakh products, allowing healthcare providers to search, compare, and procure supplies easily. The platform integrates various tools such as VPO, MBFREEDOM, and Vizi to streamline procurement, financing, and inventory management[2].
The platform's architecture also includes a robust fulfillment network with 40+ fulfillment locations, ensuring fast and reliable delivery of medical supplies across India. This infrastructure supports the company's mission to make last-mile delivery of medical supplies available to every corner of India.
Medikabazaar places a high emphasis on security and compliance to ensure the integrity and reliability of its platform. Here are some key aspects:
This framework ensures that the platform operates with the highest standards of security and compliance.
Medikabazaar has been a driving force for innovation in the healthcare supply chain industry. Here are some of its innovative contributions:
These innovations have significantly improved the efficiency and transparency of the healthcare supply chain in India.
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Medikabazaar has made a significant impact on the medical supply market in India and beyond. Here’s how they have grown and expanded their influence.
Medikabazaar has seen remarkable growth in its user base. The company currently works with about 100,000 B2B customers, including large multispecialty hospitals, clinics, and daycare centers[2>.
These customers are spread across various tiers of cities, with a strong focus on Tier 2 and Tier 3 cities. This approach has helped Medikabazaar reach remote locations and cater to a wide range of healthcare providers. The platform is present in around 20,000 pincodes, ensuring comprehensive coverage[2).
The user base includes over 15,000 hospitals and more than 80,000 independent practitioners. This extensive network facilitates nearly 15,000 B2B transactions every month, making Medikabazaar a crucial player in the healthcare supply chain[1).
Medikabazaar has been expanding its market share rapidly. The company is now India’s largest aggregator of medical equipment, offering more than 1 lakh products through its platform[1).
Medikabazaar represents 6-7% of the entire $10 billion medical equipment market in India. This significant market share is a result of its efficient digital procurement process and extensive product catalogue. The company has also expanded internationally, operating in the Middle East and North Africa, with plans to enter markets like Dubai, Singapore, and China[1).
The platform’s ability to bridge the gap between healthcare providers and medical suppliers has been a key driver of its market share expansion. It helps healthcare providers save up to 30% on procurement costs, making it the most-opted B2B marketplace for medical supplies[1).
Medikabazaar has introduced several financial inclusion initiatives to support its customers. One notable initiative is the MBFREEDOM platform, which offers smart and tailor-made financing options. This includes revolving credit, EMI-based finance, and long-term asset financing[4).
The MBFREEDOM platform has approved over 10,000 credit applications and has a loan book size of over 1.5K crore. The platform aims to address the medical procurement finance needs of medical establishments, providing attractive interest rates and fast processing times[4).
These financial inclusion initiatives help healthcare providers manage their procurement costs more effectively, ensuring they can focus on providing quality care to patients without financial constraints[4).
Medikabazaar’s financial journey has been marked by significant growth and strategic funding rounds. Here’s a look at their revenue growth, path to profitability, and investment rounds.
Medikabazaar has experienced rapid revenue growth. The company’s operating revenue grew 3x from ₹564.7 crore in FY21 to ₹1,552.5 crore in FY22, a 175% increase. Including other income streams, the total revenue grew 168% to ₹1,600.8 crore in FY22 from ₹606.9 crore in FY21[1).
This growth is driven by Medikabazaar’s Value Procurement Optimisation (VPO) model and equipment aggregation model. The B2B online marketplace has streamlined the procurement process, reducing costs and increasing efficiency for healthcare providers[1).
The company’s revenue growth has been consistent, with a GMV growing three to four times year on year. This rapid growth has positioned Medikabazaar as a leading player in the medical equipment market[2).
Medikabazaar has been focusing on achieving profitability through efficient operations and strategic expansions. According to Vivek Tiwari, Founder and CEO, the company does not require funds to run its day-to-day operations as the revenues have been growing steadily[1).
The company’s ability to save healthcare providers up to 30% on procurement costs has been a significant factor in its path to profitability. This cost-saving, combined with its extensive product catalogue and efficient supply chain, has helped Medikabazaar maintain a strong financial position[1).
Medikabazaar’s financial health is also reflected in its ability to expand internationally and explore inorganic growth prospects, further solidifying its position in the market[6]).
Medikabazaar has raised significant funding through various investment rounds. In 2021, the company raised $75 million, which helped it expand from 30 cities to 55 cities in India[6]).
The company is currently planning to raise $250-$300 million in funding by the end of 2024 to further expand its operations in domestic and international markets. This funding will be used as growth capital to tap into new markets and establish its presence globally[6]).
Medikabazaar is nearing a $1 billion valuation, making it one of the leading HealthTech startups in India. The company’s valuation reflects its strong market presence and growth potential[6]).
Medikabazaar has formed several strategic partnerships to enhance its services and expand its reach. Here are some key partnerships and collaborations.
Medikabazaar has partnered with several financial institutions to offer financing options to its customers. The MBFREEDOM platform, for instance, works with over 50 finance partners to provide revolving credit, EMI-based finance, and long-term asset financing[9]).
These banking collaborations help healthcare providers access the funds they need to procure medical equipment and supplies, making the process more manageable and affordable[9]).
The partnerships also enable fast loan approvals, with a turnaround time of just 24 hours, which is crucial for healthcare providers needing immediate access to funds[9]).
Medikabazaar has established strong merchant partnerships to ensure a wide range of medical supplies and equipment are available on its platform. The company works with over 20,000 sellers, offering an extensive catalogue of medical supplies and equipment[9]).
These partnerships allow Medikabazaar to provide a one-stop solution for healthcare providers, reducing the need to approach multiple vendors. This streamlined process enhances efficiency and reduces procurement costs[6]).
The merchant partnerships also help in ensuring that high-quality consumables are available at the right price, which is essential for providing quality care to patients[9]).
Medikabazaar has formed technology alliances to enhance its services and improve the efficiency of its operations. The company uses AI and ML-powered tools such as VPO and VIZI to manage procurement and inventory[6]).
The VPO model is a single-window solution for spend management, while VIZI is an AI-powered hospital inventory management and forecasting software. These tools help in optimizing the procurement process and ensuring that medical supplies are always available when needed[6]).
Medikabazaar has also received national patents for its inventory management system, further highlighting its commitment to technological innovation in the healthcare sector[7]).
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