Introduction:
Co-founders Mr. Satish Kannan and Mr. Enbasekar serve as CEO and CTO of MediBuddy, respectively. The largest digital healthcare platform in India is called MediBuddy. It provides customers with easy access to high-quality healthcare around-the-clock.
Users of it can order medications, schedule lab tests, and meet with specialists from the comfort of their homes. Additionally, it collaborates with a number of the nation’s top corporations and aids in facilitating employees’ access to a range of healthcare benefits for them.
Users of MediBuddy have access to hospitalization, wellness, preventative care, and fitness services provided by its pan-India network of healthcare professionals. It provides its consumers with unmatched, real-time access to all of their health benefits anytime, wherever, through both an internet portal and a mobile app.
MediBuddy, which integrates user experience from discovery to service delivery, offers a variety of options for all healthcare industry stakeholders through a “phygital” approach, making finding, using, and monitoring healthcare simple, real-time, and essentially paperless.
MediBuddy About:
A digital healthcare company called MediBuddy gives customers access to primary healthcare services throughout India. With 15,000 daily users, 20 million lives impacted, 350 corporate clients, and 30 insurance clients, we are the largest digital health platform.
Company Highlights:
| Company Name | MediBuddy |
| Headquarter | Bengaluru, Karnataka, India |
| Industry | digital healthcare |
| Founded | 2013 |
| Founder | Mr. Satish Kannan & Mr. Enbasekar |
| Website | https://www.medibuddy.in/ |
Industry:
In addition to offering its consumers access to specialised doctors via video conversations around-the-clock, It also offers doorstep medication delivery, at-home lab testing, mental health assistance, and other comprehensive healthcare services in one convenient location.
Utilizing its unrivaled pan-India network of 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centers, and 2,500 pharmacies, the platform has effectively met the healthcare requirements of over three crore Indians.
The digital healthcare platform, which recently signed Amitabh Bachchan as its official brand ambassador, has also introduced a number of other programs, including at-home blood test sample pickup, RT-PCR tests, Covid vaccination, tracking hospital bed availability for Covid patients, a 24-hour Covid helpline number, and mental health counseling.
Founder & Team:
Co-founders Mr. Satish Kannan and Mr. Enbasekar serve as CEO and CTO of MediBuddy, respectively. The largest digital healthcare platform in India is called MediBuddy. It was established in Bengaluru, Karnataka, India, in 2013.
Startup Story:
The vHealth by Aetna business (Indian Health Organization Pvt Ltd) was purchased by Bengaluru-based MediBuddy, a digital healthcare platform with a valuation of over $500 million, from US-based Aetna Inc in India for an unknown sum.
Within the following six months, the vHealth by Aetna division will adopt the moniker “MediBuddy vHealth.” Indian Health Organisation (IHO), which is now a part of it, will continue to be run by its current management team and staff. Through this acquisition, MediBuddy will be able to reach a subscription base of over 30 million users.
vHealth by Aetna, which is run by IHO, is a B2B healthcare company that uses a subscription-based business model to offer a variety of basic healthcare services. The range of outpatient providers, pharmaceutical services, diagnostic services, and dental care are only a few of the services offered.
The acquisition, according to it’s co-founder and CEO Satish Kannan, will increase their market domination by enhancing their distribution networks, allowing them to expand their services and reach more customers.
The ability to use MediBuddy’s healthcare services will now be available to vHealth by Aetna users. MediBuddy and vHealth by Aetna share a similar future vision, according to Anurag Khosla, CEO of Aetna India and IHO, where primary and digital healthcare are linked to improve accessibility and delivery of high-quality healthcare services.
Mission & Vision:
- Mission: To provide top-notch preventative and therapeutic healthcare services by fusing the healthcare domain with science, AI technology, and human intervention.
- Vision: To provide a billion people with access to high-quality healthcare.
Name & Logo:
Digital healthcare company MediBuddy has unveiled its updated corporate design, which includes a new motto and logo. The brand’s tagline will change from “Aapka Health Buddy” to “Your Health Buddy” going ahead.
Business Model:
Medibuddy, a business in the health tech industry, received a 2.5X increase in valuation following its most recent $125 million fundraising round. The primary B2B player is now focusing on the rural B2C sector, but it must find a way around the competitive pricing environment.
By recruiting a high-profile celebrity and making an immediate purchase, Medibuddy, which is mostly known as a B2B player in the corporate health space, is upgrading its image. Although the corporation has a lot of cash on hand, its consumer-facing app needs work.
It hopes to partner with hospitals in the rural market after purchasing Clinix, a little-known health company with operations in tier-2 cities and below. Even if it resolves its technological issues, entering previously untapped rural markets will present a whole new set of difficulties.
Amitabh Bachchan’s star power has been utilized by a wide range of products, from chocolate and jewelry to travel and health insurance. The Bengaluru-based health-tech business MediBuddy is following their lead; early this year, it named the seasoned Indian actor as its brand ambassador.
The mostly corporate B2C health tech company is shifting its attention to the B2C market, particularly the rural area. And among other things, it’s counting on Bachchan’s comforting next-door neighbor uncle persona to help it break through the competition in a crowded category.
Revenue Model:
Healthtech startups MediBuddy and DocsApp successfully merged, and since their merger announcement in June 2020, the combined company has raised $165 million. The company’s scale hasn’t fully kept up with escalating losses, which increased 2.4X and came close to Rs 250 crore in FY22, despite the sizeable fundraising round.
According to the company’s annual financial statements submitted to the Registrar of Companies, it’s operating revenue increased by 58.5 percent to Rs 234 crore in FY22 from Rs 147.6 crore the previous fiscal year (FY21) (RoC).
Operating under the same brand name, MediBuddy, are both MediBuddy and DocsApp. It is a digital healthcare platform that offers insurance, lab testing, surgery, online and offline physician consultations, and medication delivery. According to an analysis by Fintrackr, revenue from these sectors increased by 58.5 percent to Rs 234 crore.
In FY22, the company’s revenue from interest on deposits and gains from investments decreased by 45% to Rs 3.28 crore, which increased overall revenue to Rs 237 crore. Moving on to costs, the Chennai-based company’s main cost centre was money spent on the acquisition of services, which accounted for 40.2% of total costs, which rose 75.3 percent to Rs 195.22 crore in FY22.
From Rs 17.5 crore the prior fiscal year to Rs 119.5 crore in FY22, advertising and promotion costs increased 6.8X. (FY21). At the conclusion of the previous fiscal year, it also named Bollywood actor Amitabh Bachchan as its brand ambassador. It’s employee benefit costs stayed the same in both years at Rs 58 crore, while the price of legal and professional fees climbed 2X to Rs 49.62 crore in FY22.
The company spent an additional Rs 13.26 crore in subscription membership fees, raising the overall expenditure in FY22 from Rs 256.6 crore to Rs 486 crore, or around 90%, more (FY21). Overall losses on a 2.4X growth path reached Rs 249 crore in FY22 as a result. On a per-unit basis, it spent Rs 2.08 to make one rupee throughout the course of the year.
Several businesses, including Lybrate, Practo, mFine, 1mg, and DoctorInsta, among others, compete with MediBuddy. 1mg, which is supported by Tata Digital, increased its scale by 2X to Rs 627 crore in FY22.
Products & Services:
Health check packages, online lab tests, online medications, online medical consultations, teleconsultations, dental consultations, and other services are all offered by MediBuddy.
Funding & Investors:
- Anand Rajaraman and Venky, two angel investors from Facebook, along with Bessemer Venture Partners, Rebright Partners, TechMatrix Corporation, DeNA Networks, Milliways Fund LLC, Mitsui Sumitomo (MSIVC), TEAMFund LP, JAFCO Asia Fund, FinSight Ventures, ALES Global Japan, Beyond Next Ventures, Makita Corporation, and others, have contributed more than $50 million to the venture so far.
- The most recent funding round was $125M, Series C, on February 22, 2022.
- As of December 19, 2022, the corporation is valued at $407 million.
Employees:
It employs about 836 people.
Challenges Faced:
It is extremely difficult to obtain high-quality healthcare due to the dearth of qualified specialists and the uneven distribution of facilities.
Creating awareness was one of the difficulties. Making individuals aware of the fact that they can actually contact a doctor through video chat is crucial for ensuring they receive the best possible treatment and information when it comes time to make decisions about their health and medical journey.
Acquisitions:
When talking with renowned experts on the platform, one can save up to 60% via the app. The doctors on the app offer advice in a variety of Indian languages. The largest online platform for doctor consultations in India, DocsApp, joined with MediBuddy in order to take the lead in the market and improve its services.
Growth:
With a partner network of over 90,000 doctors, 7000 hospitals, 3000 diagnostic centers, and 2500 pharmacies covering 23,000 pin-codes in India, it has served the healthcare needs of 3Cr Indians and attends to the needs of over 35,000 Indians every day across the length and breadth of the country. The company also has a 1,000-member team spread across 22 Indian cities.
In 18 different disciplines, including cardiology, neurology, dermatology, pediatrics, gynecology, psychiatry, orthopedics, general medicine, and more, the app immediately links patients to experienced and verified doctors for online consultations through chat, video, or voice call. Users of MediBuddy can order medications and schedule lab tests online from the comfort of their homes.
Partners:
A Health cover and other goods have been released by the digital healthcare platform MediBuddy in collaboration with the non-banking financial institution Indel Money (NBFC).
Competitors:
Top Alternatives to MediBuddy:
- League.
- MyChart.
- Salesforce Health Cloud.
- Vocera Platform.
- Seer.
Awards & Achievements:
- Winner of the “Young Achiever of the Year” award at the 2020 National Marketing Excellence Awards. CTO.
- at the Lenovo IT4SMB in cooperation with The Economic Times Times Techies Tech Drives, “Runner-up, Small Sized Business – IT4SMB Awards”!
Future Plan:
There is no data of it.
FAQs :
What does MediBuddy do?
delivering a variety of healthcare services online. Users of the portal can look up healthcare providers in various medical specialisations and set up follow-up appointments with them. Additionally, it gives customers access to services like lab work, health exams, and insurance.
When was MediBuddy founded?
It was established in 2013.
Who is the founder of MediBuddy Corporation?
Mr. Satish Kannan and Mr. Enbasekar are the founders.
Who are the main competitors of MediBuddy?
Top Alternatives to MediBuddy:
- League.
- MyChart.
- Salesforce Health Cloud.
- Vocera Platform.
- Seer.
What are the uses of MediBuddy?
- Account-Based Marketing.
- Content Marketing.
- Conversion Rate Optimization Tools.
- Customer Data Platform (CDP)
- Demand Generation.
- Digital Analytics.
- Email Marketing.
- Event Management.
What is the company profile of MediBuddy?
It provides Health check packages, online lab tests, online medicines, online doctor consultation, teleconsultation, dental consultation and many more. Mission: To combine the healthcare domain, science, AI technology and human intervention to provide world-class preventive and therapeutic healthcare services.
Does MediBuddy cover pregnancy?
Get guidance throughout your pregnancy period, from doctors through MediBuddy.
What is the tagline of MediBuddy?
Satish Kannan, co-founder and chief executive officer, MediBuddy, said, “We are delighted to unveil our new corporate tagline, ‘Your Health Buddy‘ which has uniformity in its approach and makes MediBuddy synonymous with the healthcare needs of the billions of citizens in India.
What are the cashless benefits of MediBuddy?
With MediBuddy, you remain unaffected by any fluctuations in procedure costs since you are eligible to avail pre-negotiated package prices at our network hospitals. With cashless hospitalization, you move away from an open billing system and remain insulated from the risk of hikes in procedure costs.
Is MediBuddy in profit?
It’s operating revenue grew 58.5% to Rs 234 crore in FY22 from Rs 147.6 crore in the previous fiscal year (FY21), as per the company’s annual financial statements filed with the Registrar of Companies (RoC).
Conclusion:
Every player in the healthcare ecosystem is empowered by a variety of tools offered by it. Members may access and manage their healthcare requirements online, in real-time, and even on the road with the help of it’s web and mobile app. The MediBuddy+ interface is used by hospitals to manage all cashless claims online and in real-time, from origination to payment.
Medical facilities can also handle the online scheduling and booking of wellness services like health checks using MediBuddy+. Decision-makers may efficiently manage their healthcare portfolio and make educated decisions thanks to MediBuddy’s MIS reporting and analytics capabilities.
My name is Sai Sandhya, and I work as a senior SEO strategist for the content writing team. I enjoy creating case studies, articles on startups, and listicles.
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