Matrix Partners India and Times Internet today announced that they have co-led a Series A round of funding for Myra, a company that is transforming the way people buy medicines. Myra had previously raised an undisclosed seed round led by Matrix Partners India. Select entrepreneurs and angels have also invested in Myra including Pranay Chulet, co-founder & CEO of Quikr, Prashant Malik, co-founder & CTO of LimeRoad, Vamsi Duvvuri, Associate Director of Vy Capital and Pankaj Gupta, Ex Director-Product of Twitter among others.
Founded in 2015 by Faizan Aziz and Anirudh Coontoor, Myra uses cutting edge technology to enable its customers to get access to medicines at an affordable price from the convenience of their homes. Aimed at solving the persistent issues of high prices and poor availability of medicines at chemist stores, Myra is redesigning the pharmaceutical supply chain to remove multiple layers of middlemen and bring in efficiencies to the medicine distribution business. Myra enables consumers to order medicines at the tap of a button and have them delivered to their doorstep within sixty minutes. The company buys medicines directly from manufacturers, stores and delivers the medicines from its warehouses located across the city. This ensures better control on operations, superior margins and most importantly a smooth customer experience.
“When we started Myra we decided that our main focus should be speed, reliability, convenience and cost. Today, looking at our strong customer retention, I believe we made the right decision. By focusing on data sciences, R&D and engineering we will make our user experience even better, thereby ensuring that our customers continue to love the Myra experience.” said Faizan Aziz, co-founder & CEO of Myra. “We are excited to continue our partnership with Matrix and now bring Times Internet as well on board. Partnering with Times Internet gives us access to the insights from India’s largest digital network, support and resources we need to scale rapidly,” added Aziz.
“Myra is a unique solution of technology and operations that makes buying medicines fast and efficient. Using a data driven approach, we improve dispatch and delivery times while reducing wastage. People are now able to sit back, relax and get their medicines at home without the stress of whether the medicines will come on time or not,” said Anirudh Coontoor, co-founder & CTO of Myra.
Myra’s state-of-the-art heterogeneous warehousing capability and data science platform allows it to ensure high availability of medicines and delivery within sixty minutes. Myra’s revenue has grown by over 700% last year, driven entirely by strong word-of-mouth referrals from its loyal customer base. Myra will use the new funds to accelerate product development, expand operations to other cities, and hire new talent across engineering, data science and operations.
“Despite advances in technology the $15B Indian pharma market continues to be largely unorganized. The current customer experience is broken at a fundamental level with issues of low fill-rates, delivery delays, expired & spurious medicines. Myra is revolutionizing the way medicines will reach patients in need of care. The platform provides a public utility by allowing patients to experience a fast, reliable and convenient service offering at cheaper prices. It is our privilege to partner with Faizan Aziz and Anirudh Coontoor, the co-founders of Myra,” said Tarun Davda, Managing Director, Matrix India.
“Very few companies in India have been as successful in infusing technology into operations as Myra has. Myra has created a high frequency use case that makes it super easy for users to access a pharmacy digitally. We are delighted to partner with Myra and looking forward to accelerating their growth and expansion,” said Miten Sampat, VP- Corporate Development, Times Internet.