Medibuddy eyes $130 million in pre-IPO
Health-tech firm
Medibuddy
is looking to raise $130 million in a pre-IPO round, said people familiar with the matter. It has engaged
Avendus Capital
as an adviser for the fundraise.
Medibuddy was founded by
IIT Madras alumni
Satish Kannan and Enbasekar Dinadayalane.
Its shareholders include a Liechtenstein royal family fund and
Quadria Capital
, among others. The fund raise has attracted prominent Indian and global private equity firms, as per those familiar with the matter. The health tech firm matches patients with doctors, hospitals and diagnostic service providers.
by Taboola
by Taboola
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However, in response to ET's email query, the company said it is not planning a $130 million pre-IPO round. "I'd like to clarify that the information outlined in your email is factually incorrect," Medibuddy said in a statement. "We have launched a
structured fundraise process
, led by Avendus Capital, with a target of $60 million. This includes $25-30 million in primary capital and $30-35 million in secondary, intended solely to provide a standard exit opportunity for a few early angel investors."
Medibuddy also said it was not in a hurry for an IPO. "An IPO is certainly part of our long-term vision, as it is for many companies at our stage. We will actively inform you when we plan to move in that direction. For now, our focus remains on building a profitable, scalable and sustainable
healthcare market leader
that delivers long-term value for all stakeholders," it said.
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