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Medikabazaar raises Rs 112 cr to fund expansion

Mumbai, Nov 18 (PTI) Medical supplies companyMedikabazaar on Monday said it has raised Rs 112 crore from aclutch of investors from Belgium, Japan and India with an eyeon business expansion.

The Series B funding round was led by healthcare-centric VC firm, Health Quad, Belgian group Ackermans and vanHaaren, Japanese investors Rebright Partners and ToppanPrinting Co, it said in a statement.

Existing investors CBC co, Elan Corporation, MitsuiSumitomo Insurance Venture Capital, Kois Invest from Belgium,angel investors Sunil Kalra and Arun Venkatachalam alsoparticipated in the round, it added.

The four-year-old company is targeting for a fivetimes jump in revenues to touch USD 100 million by the end ofthe current financial year and the funds raised will be usedon technology, supply chain and people, it said.

The company acts as a B2B platform for medicalsupplies and is presently focusing on upping its distributionreach in the smaller cities and rural areas.

It is also planning to plans to diversify intocategories such as devices for vascular surgery, ENT, laserdevices for varicose veins, gynecology, interventionalradiology and OT environment safety, the statement said.

'We have 17 fulfillment centres pan-India, and thecurrent investment will help us grow this number over the nextfew years by establishing a larger number of distributionhubs,' its founder and chief executive Vivek Tiwari said. PTIAAAP AP