May 29 2017

Online medical devices distributor Collateral Medical has raised $3.5 million (around Rs 22.5 crore) in its Series A funding round from homegrown private equity firm Carpediem Advisors Pvt. Ltd.

Collateral Medical will use the funds to strengthen its distribution capabilities, expand service network and upgrade IT, the Mumbai-based firm said in a statement.

“The fund infusion will help us improve and enhance our capabilities to serve the medical community better,” said Nikhilesh Tiwari, founder and CEO, Collateral Medical.

VCCircle first reported last week that Carpediem Capital was all set to make its debut investment in the healthcare sector.