Stride Ventures, one of India’s leading venture debt funds, has led a debt round of INR 25 crore in MediBuddy – India’s leading digital healthcare platform. MediBuddy helps its users consult specialist doctors, order medicines and book lab tests from the comfort of their homes. It is also a partner to several leading corporate customers in the country and helps their employees access multiple healthcare benefits.
Stride’s continuing preference for businesses with strong fundamentals and scalability will see it become a strategic partner in MediBuddy’s growth journey, the release said.
Health-tech startups are witnessing a huge surge in demand for telemedicine, video consultation and remote patient monitoring services as a growing number of patients and doctors are opting for virtual consultations over physical visits.
MediBuddy is led by co-founders Satish Kannan & Enbasekar, as CEO & CTO respectively. With a partner network of over 90,000 doctors, 7000 hospitals, 3000 diagnostic centres and 2500 pharmacies covering 95% pin-codes in India, MediBuddy has catered to the healthcare needs of 3Cr Indians & attends to the needs of over 35,000 Indians daily across the length and breadth of the country.
The digital healthcare platform will utilize the funding in further strengthening its technology, operations and marketing to move a step closer to its mission of providing high-quality healthcare to a billion people.
On the funding, Ishpreet Gandhi, Founder and Managing Partner, Stride Ventures, said “The need for remote examining and monitoring of patients, and contactless technology all over India, is more imperative than ever. We are pleased to see how MediBuddy has leveraged technology to scale up rapidly with a clear vision to evolve health tech in India. We are excited to partner with them in their journey, as they look to enhance their offerings and leverage their market leadership to increase adoption across the country”
Satish Kannan, Co-founder and CEO, MediBuddy, added, “Telemedicine is growing at a monumental pace in India and the pandemic has only further amplified the importance of going digital. We are excited to have Stride Ventures along on this journey. At MediBuddy, we strive towards making high-quality healthcare accessible to Indians across the length & breadth of the country.”
Stride Ventures recently launched its second venture debt fund with a target corpus of over INR 1,000 crore. It will continue to invest in early to late-stage startups across sectors through its innovative alternate financing solutions within venture debt. The firm has been one of the most active venture debt companies this year, having disbursed over INR 200 crores since January 2021.
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