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Medikabazaar eyes to achieve GMV of around US$ 200 million in FY21
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Yash Ved, Mumbai
November 19 , 2020
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Medikabazaar, an online B2B platform for medical supplies, is looking to achieve a gross merchandise value (GMV) of around US$ 200 million in the current financial year.
“We believe that the organized healthcare sector is poised for high growth in the coming years. We have taken ambitious targets to three-fold our GMV growth this year. We expect to have an employee strength of over 1,000 people. We intend to raise the numbers across many of our functions with particular focus on technology, sales, operations and supply chain Management,” stated Vivek Tiwari, founder and CEO, Medikabazaar.
The company plans to inject fresh capital to expand horizons further and looking at securing Series C funding within this financial year.
The company is planning to expand business in tier 2 and 3 cities, which includes Coimbatore, Ranchi, Kochi, Chandigarh, Bhubaneswar, Jaipur, etc. to ensure that delays in delivery and reach out to the remote places within a span of a few days.
“We already have 22 operational fulfillment centres and anticipate to double this count within the next few quarters. We will be augmenting our private label product portfolio which helps our customers procure superior quality products at affordable prices. One can also see our proprietary AI/ML SaaS tool VIZI reach a large number of medical establishments this year, as it provides precise stock projections helping customers save up to 30% in the procurement cost and 8-10% of overall OPEX cost,” added Tiwari.
The company has tied up with Zipline for medical drone delivery. Under the tie-up, Zipline will serve over 100 customers of Medikabazaar from two distribution centres in Pune and Nandurbar districts. The collaboration will further create value for hospitals within the service range of 85 KMs. The service can also be used to process doorstep delivery of medical supplies within the containment zones or potential hotspots if the outbreak remains intact or during future outbreaks.
The partnership will further provide real-time visibility of on-ground demand throughout the healthcare system. Over the next few months, Medikabazaar and Zipline plan to onboard several hospitals and integrate the instant delivery service into their existing ordering platforms.
Medikabazaar is a pioneering B2B online marketplace for medical equipment and supplies in India. The platform provides buyers and sellers with a single point of purchase to buy medical equipment and supplies online at reasonable prices. The Mumbai-based company was co-founded by Vivek Tiwari & Ketan Malkan in 2015, with the aim to bridge the gap between healthcare providers and product suppliers to make quality healthcare products more accessible. Medikabazaar’s online platform has a digital catalogue of 500,000 products from which hospitals and medical establishments can discover, research and compare products in real-time, thus eliminating the need for them to go through multiple channels to get quotes on machines and medical supplies.
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