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Medikabazaar eyes 300% growth for GMV by FY 2022

Yash Ved, Mumbai
Tuesday, September 14, 2021, 08:00 Hrs  [IST]

Medikabazaar, an online B2B platform for medical supplies, is eyeing 300% growth for a gross merchandise value (GMV) through FY 2021-22, with over 100,000 established corporates, hospitals and government, over 150,000 individual small buyers and more than 15,000 seller partners already on-board.

The company is also looking to expand existing operations in international markets like the Middle-East, South and South-East Asia, and Africa.

The company is working on developing products that can monitor post-hospitalization progress of patients and is soon going to implement AR/VR technology-based services to enhance customer experience and make it more intuitive.

“Internet of Things (IoT) is another fascinating area, where our team is persistently working on some interesting use cases for it. Under a tie-up with Zipline, the world’s first and only national-scale drone delivery service, we will serve customers of Medikabazaar from two distribution centres in Pune and Nandurbar districts via drone-powered deliveries. We plan to expand drone-deliveries to other locations, subject to state government policies,” stated Vivek Tiwari, CEO and founder, Medikabazaar.

The company added that it is looking forward to doubling the number of fulfilment centers within the next 2 years, which would require them to hire more operations executives and medical experts.

The company is also looking to redefine how asset management services operate in India, with MBARC, their on-demand marketplace for equipment service and spares, recycled equipment and comprehensive asset management. They are also ramping up their logistics fleet unit--MBGo—with a goal to have over 1000 riders along with a significant rise in fleet size consisting of vans, mini-trucks and trucks for inter-city inventory movement.

Tiwari added, “We are continuously hiring people to bolster our supply chain across tier-2 and tier-3 cities. With Medikabazaar D.R.I.V.E. (Deliver Results through Intensity, Vigour & Excellence), we also recruit from premium institutes like IITs and IIMs to give a platform to the best talents in the country, and we have recently hired 16 IIM graduates to various departments.”

The company stated that it would be soon launching voice-assisted chat capabilities like Siri or Alexa for easy and fast product search and recommendations and they are also heavily invested in working on the wearable devices segment and this category will play a big role in holistic healthcare development.

Tiwari added, “Technology is driving transformation in the healthcare sector and we are changing healthcare with technology adoption and creating the largest supply chain efficiency by revolutionising the entire healthcare procurement chain. We will continue to augment our efforts and capabilities in artificial intelligence (AI) and machine learning (ML).”


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