Medikabazaar has raised $65 million in a new funding round led by Lighthouse India Fund, valuing it at $700 million. The company said that the funds would be used to improve the company’s technological capabilities, strengthen the supply ecosystem and digital-driven distribution channels, support digital operating capabilities to help improve the efficiency of India’s healthcare sector and expand its global operations.

“Revenue momentum continues to be very high, and with the start of new operations in the Middle East and North Africa (MENA) region in this quarter, the growth is looking strong for FY23, which would help us achieve the unicorn club by the end of 2022,” Vivek Tiwari, Founder and CEO of Medikabazaar said.

“Fuelled by the increasing demand from healthcare delivery providers and partnerships with domestic and international medical device and consumable brands, our sales have grown by 25 times in the last three years. We will continue to invest heavily in our technological capabilities and operations to make healthcare available, accessible, and affordable in India and replicate our success in international markets. This funding will allow us to expand and strengthen our footprint in the Indian health-tech sector and help power our global goals,” he added.