Mumbai headquartered online healthcare and pharma aggregator Pharmeasy has raised $50 million (~ Rs.364 Crores) in Series C funding from Eight Roads Ventures India, the proprietary investment arm of Fidelity International Ltd. The round is largest of all three rounds raised till date by the startup.
The other investors are F-Prime Capital, Nandan Nilakeni, Sanjeev Aggarwal-backed Fundamentum Partnership and San Francisco-based hedge fund Think Investments.
Existing investors BVP also participated in this round which was run by investment banking firm Avendus. With this round, the total fund raised by Pharmeasy stands at $75 million. Its earlier investors include BVP, Orios Venture Partners, Aarin Capital and MEMG.
Founded in 2015 by Dharmil Sheth and Dhaval Shah, Pharmeasy connects patients to local pharmacies and diagnostic centres through an integrated online platform, making healthcare accessible and affordable across India via quick and efficient doorstep delivery and savings on their healthcare needs.
Pharmeasy will use the funds to expand the consumer base, improve the technology and expand into more cities. “The way we have grown in the last three years, more than 200% YOY is testament to the fact that affordable and accessible healthcare is very much possible,” the company’s founder, Dhaval Shah, said.
Dharmil Sheth, co-founder of Pharmeasy, said, “It has always been our aim to make healthcare affordable and accessible to everyone. And the new funding will only push us closer to achieving this goal, helping us change the healthcare ecosystem in the country. We plan to use this funds to strengthen our tech capabilities in operations and also in ensuring that we are able to provide personalised healthcare solutions to the consumers.’’
Pharmeasy provides e-consultation and at-home diagnostic tests, medicine dosage reminders and an automated medicine refill subscription service. It also specialises in chronic care segment, forming a significant part of its scope of services.
The startup is also working on industry wide issues which revolve around eliminating fake medicines from the system by scrupulously validating prescriptions and barcoding every drug in its inventory to establish their genuineness. Currently, the company is delivering affordable and authentic healthcare solutions to more than 22000 pin codes.
Just a few weeks back, Chennai-based NetMeds hasd too raised $35 million in Series C funding round, which was followed by acquisition of telemedicine app JustDoc.
In June, New Delhi-based healthcare technology startup Navia Life Care Pvt. had raised $100,000 in a a bridge round of funding from existing investor Benori Ventures and angel investors.
In May, Mumbai-based home healthcare services aggregator HealWell24 raised $200,000 in Pre-Series A round of funding from bunch of angel investors including Prashant Mehta, Mitali Pawar, Nikhil G and Bhavesh P, members of Indian Cooperative Oncology Network (ICON), and R Ranganathan
Last November, Mumbai based Instinct Innovations has raised a seed round of funding led by Vida Ventures and Dr. Aniruddha Malpani for its artificial intelligence (AI) enabled Redbook platform.