Indian Angel Network, World’s largest seed-stage investment network, leads INR 5.25 Crore investment round in PlusPin Healthcare, an innovative platform which converts standalone pharmacies in micro-localities into one-stop destinations for basic healthcare needs.
Prominent IAN investors such as Sanjay Jesrani, Dr Vinay Tulla, Dr Kiran Peddi, and Mr Rajan Anandan, among others, participated in the funding round. All existing angels including Ambicare Clinics, among others, participated as co-investors. Noted institutional investors including Munjal Group, Axilor Ventures, etc. also participated in the round.
Co-founded by childhood friends Gopal Krishna Panigrahy and Santosh Kumar Panda under the aegis of Weeclu Solutions Pvt. Ltd., the first version of the platform was rolled out in September 2017.
Following a B2B2C business model, the start-up aims to form a healthcare ecosystem comprising a network of a hyperlocal set of service providers and independent retail pharmacists. This will enable pharmacy owners to offer a greater range of reliable, niche, and personalized healthcare services to customers, including diagnostics, healthcare-at-home etc. They will also find more opportunities to upsell value-added services to walk-in loyal customers.
In addition to enabling pharmacies to engage in community-based services, the company also aims to establish itself as a unique Go-To-Market platform for brands looking to gain traction in the healthcare domain. Healthcare and wellness players of all sizes will be able to access PlusPin’s OTT platform and leverage its extensive network to pilot, launch and promote their products or services within a stipulated budget, driving greater ROIs and social impact.
Speaking on the need-gap the start-up is addressing, Gopal Krishna Panigrahy, Founder – PlusPin Healthcare, commented, “Today, the independent pharmacies have two options available to them to increase their earnings – expanding their consumer base or increasing margin on prescription/OTC products. However, the rise of the online pharmacy chains and the restrictive regulatory framework render these options ineffective. At PlusPin Healthcare, our goal is to help them engage and retain more customers by empowering their entrepreneurial vision. Our tech-based platform and data-driven social intelligence will establish them as healthcare points”
Mr. Sanjay Jesrani – Lead Investor, Indian Angel Network said, “At IAN, we constantly seek to discover, invest in and move some of the finest, differentiated startups to their next orbit. We like Gopal and Santosh, the founders at PlusPin as they displayed unusual strength of character, determination and a readiness to spend 2 years deep in the trenches, building a deep understand of their pharmacy and end customers’ needs and preferences. We believe that the segment PlusPin is targeting – is built on trust and relationships, and by providing quality services and products to the loyal clients of the standalone pharmacy owners – PlusPin is delivering a valuable service to valuable customer base, which is expanding its spend on the platform”
“We are thankful for receiving the support of IAN investors. The fact that they have shown confidence in our venture reinforces our mission of creating an organized ecosystem of retail pharmacies that would transform the healthcare delivery at last mile as prominently seen in western countries. We will leverage the capital infusion to scale to key target cities, strengthen our tech infrastructure, and augmenting customer engagement and experience,” Santosh Kumar Panda, Founder , PlusPin added.
PlusPin’s tech-enabled platform leverages the power of machine learning and analytics to drive better engagement and outcome based on data-mined insights. Currently, it is being accessed by a wide range of users including over 200 pharmacies in Hyderabad, more than 18,000 end-consumers, 30+ brands covering hospitals, fitness centres, diagnostic centres, wellness products etc., and over 70 healthcare providers.
In a bid to enable consumers to access greater healthcare services, the start-up is working towards expanding its service portfolio. It includes building an IoT-enabled GTM solution, developments in machine learning-powered image analytics, and so on. It has recently associated with niche healthcare service provider Transcell Biolife – a biobank focused on facilitating stored data analysis for predictive, personalized, precision and palliative medicine facilitating store bio-sample and date.
PlusPin Healthcare also leverages its pharmacy network to drive various programs aimed at creating awareness and enabling pharmacies to become the preferred sites for accessing healthcare among the general populace.
About Indian Angel Network (IAN), it is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 11 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 17 sectors in India and 7 other countries growing global footprint companies.
With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor-members. Some of its marquee investee companies include WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Consure amongst many others.
Indian Angel Network has been a pioneer in the seed and early-stage investing. It has now launched a ₹450 Crores VC fund making it now, the single largest platform for seed & early stage, where entrepreneurs can raise from Rs. 25 lakhs to Rs. 50 crores (with co-investors), thus making IAN the platform of choice!