Grounded initially in Mumbai, Medikabazaar is India’s most massive online accumulator of medical supplies, proposing a host of advantages and services to hospitals, medical establishments and consumers. The notion is one of its kind, as it provides the customers with a digital platform for procurement and investment of medical supplies beyond geographical boundaries.
Medikabazaar was founded by Vivek Tiwari, an IIM-Calcutta alumnus, in 2015. The startup aims to facilitate healthcare providers and hospitals to search for mandatory products online and compare specifications and prices in real-time.
The startup not only offers medical supplies but also provides the customer with an accessible permit to newly developed technologies all over the world as well as comparison options based on commodity features and prices. In the wake of coronavirus, the team of MedikaBazaar is struggling to ensure Tier II, and Tier III cities get simple delivery of medical supplies.
“The beauty of this platform is that it is geography agnostic, and we can connect not only large towns but Tier II and Tier III towns as well. Since this pandemic is largely concentrated around 70-80 districts, we have higher traction for COVID products from these towns only,” says Vivek.
Medikabazaar has an extraordinary user-friendly interface which helps users maintain reports and analysis based on past possession, recommendations, quotations and pricing of competitive products. Medikabazaar has grown tremendously since its inception and has successfully gained registrations over 3500+ hospitals & medical institutions & more than 2500+ customers regularly buying from the online platform. Currently, the company is serving 45000 hospitals PAN India via a direct presence in 22 cities. Apart from India, it also gives services to the Middle East, Bangladesh, Indonesia, and Africa.
How Does It Operate?
- Whether a customer is a COVID-19 product buyer, supplier, or an expert, one can visit the website and fill in their details. The company completes the entire AIDA process through traditional marketing and digital marketing encompassing SEO, SEM, Google ads, content marketing, database marketing, and social media. Here, one can see great posts on this, and finally, it delivers write-ups to the whole data through several mediums to create concept awareness and get the target group onto the platform.
- Once an individual signs up, Medikabazaar’s backend engine seizes the data and onsets tracking the demand-supply scenario and voids across all towns on a real-time basis, this helps the company maintain a tab on the demand-supply position in these varying times, where not only demand-supply predictability is a challenge, but the supply chain is also a big issue.
The Plans Ahead
Medikabazaar is concentrated on Tier II and III markets. The startup works as a B2B marketplace aggregator. In May 2019, the platform raised Rs 200 crore in Series B funding from a hold of venture capital investors in Japan, Belgium, and Germany. The founder explained that a significant fraction of the funds would go towards further permeating Tier III and IV cities, as well as possible obtainment for the company. According to Vivek, Medikabazaar platform has a 360-degree approach to generate demand and fulfilment in these towns. The platform has created 22 fulfilment centres and CDCs to replenish medical products across India even in the secluded corner of the country.
“We believe the next wave of growth for healthcare in India would come from Tier II and Tier III towns. This is largely due to the concentration of high-end healthcare establishments in metros. With increasing purchase power in Tier II and Tier III cities, higher awareness levels due to the internet and social media, the aspiration levels in small towns are rising. Hence, there are tremendous growth opportunities for the organized healthcare industry in these towns,” adds Vivek.