Healthtech startup MediBuddy has announced the acquisition of $8.4 million (approximately INR 70 crore) in debt funding from existing investors, including Innoven Capital and Alteria Capital. This strategic move is aimed at fueling the company’s expansion plans and potential acquisitions.
In a statement to Inc42, MediBuddy confirmed that the funds will support its sustained growth and strategic priorities. “MediBuddy is strategically raising INR 70 crore in debt from our trusted existing debt partners. Our core business remains financially robust and does not require immediate capital. This initiative is a vital component of our comprehensive business strategy to further fuel expansion,” a MediBuddy spokesperson stated.
The spokesperson emphasized that the debt funding will bolster the company’s cash reserves, enabling it to pursue new strategic priorities without diluting equity. “This infusion of capital will allow us to continue investing in innovative healthcare solutions, expanding our reach, and enhancing the quality of our services,” the statement added.
MediBuddy also revealed that it closed FY24 with a marginal loss and is nearing EBITDA neutrality. The company is now focusing on acquiring businesses in key healthcare sectors, including women’s health, mental health, diabetes, and chronic disease management. These acquisitions are expected to enhance MediBuddy’s service offerings and market reach.
The healthtech sector in India is witnessing rapid growth, with startups like MediBuddy leading the charge in providing accessible and quality healthcare solutions. The strategic debt funding underscores MediBuddy’s commitment to expanding its footprint and delivering comprehensive healthcare services.
MediBuddy’s innovative approach and strategic investments position it as a frontrunner in the healthtech industry, driving advancements that benefit both patients and the broader healthcare ecosystem.
Source: INC42
