Collateral Medical raises $3.5 million in Series A round from Carpediem Capital
Collateral Medical, a pan-India online distributor of medical devices, has announced that it has raised $3.5 million (approx. ₹23.3 crore) in its Series A funding round from VC firm Carpediem Capital.
With new infusion of capital, the company plans to use the funds towards strengthening its distribution capabilities, expanding service network and strengthening the IT infrastructure. Nikhilesh Tiwari, CEO at Collateral Medical, said,
It has been wonderful developing a platform to serve doctors, standalone clinics and small hospitals who struggle to source medical devices. The fund infusion will help us improve and enhance our capabilities to serve medical community better and we are excited to have Carpediem Capital join us as trusted partners in our journey for the next level of growth.
Commenting on the investment, Abhishek Sharman, MD at Carpediem Capital, said,
We believe that Collateral Medical has identified a niche and underserved market,” said . “The company is delivering value to OEMs in reaching their end customers and is also providing a compelling proposition to the customers in the form of transparency, service and range of products.
The company was founded in 2010 by Nikhilesh Tiwari. It is an online marketplace for medical products, equipments, and other raw materials. It focuses on supplying medical devices for doctors, clinics, and small and medium hospitals across Tier II and III cities in the country. As per the company, it has worked with more than 400 doctors in 28 states.
Carpediem Capital is an SME-focussed private equity fund that typically invests in startups belonging to consumer, healthtech, and services sector.Previously, the firm invested in a $6 million funding round for Delhi-based on-demand repair services & refurbishment startup, Gadgetwood.