With surge in internet penetration, rising disposable income and providing products at comparatively low prices to brick and mortar stores, India’s online healthcare industry is witnessing exponential growth. Though the industry is at a very nascent stage, people preference towards online shopping has enabled the industry to grow at a good rate year on year. As per the India Online Pharmacy Market, the total revenue generated by the online sales of healthcare products in India was Rs 5,075.9 million in FY’2015, which has increased from Rs 771.0 million in FY’2012 at a CAGR of 87.4 during the period FY’2012-FY’2015.
The report further states that the online healthcare product Industry is projected to grow rapidly in the future and will become a major part of the Indian e-commerce industry by FY’2020. This growth is majorly due to the large number of online players like Healthkart, Inayo, Healthkart Plus, 1MG, CureJoy and Religare Wellness entering into the online healthcare products segment. These startups are not only contributing to the industry growth but also drawing the investor attention towards themselves.
Recently, Mumbai-based on-demand healthcare marketplace, Inayo has secured $300,000 in seed funding led by Amit Ranjan, Founder, SlideShare; Kemark Ventures; Zishaan Hayath, Co-founder, Toppr.com and others. The venture plans to utilize this amount in expansion of Inayo in 22 localities in Mumbai, Delhi, Bengaluru as well as for enhancing the product features.
Founded by Raunak Jain (ex flipkart, Toppr, IITB), Abhishek Sinha, (ex housing, IIMB) and Purna Chandra, (IITB), Inayo is a mobile application platform that enables users to order and purchase medicines and healthcare products. The company has over 30,000 products spread across various categories such as medicines, Patanjali, Ayurvedic products, sports nutrition, personal care products, baby care products and more.
To order prescribed drugs, a user can upload a scanned copy or photograph of a prescription on the app. Once the prescription has been verified, the order will be processed. Currently, cash on delivery (COD) is the only payment option available. Moreover, with the help of its Android app, users can also set reminders and instructions on how and when to take their medicines.
With the aim to simplify medication and healthcare, the company offers delivery of ordered products within 90 minutes. Currently, Inayo’s services are available in Powai and Andheri in Mumbai. They plan to foray into other healthcare services, which include on demand Pathology tests. Further, they are also planning to process 100 orders per day by October end.
Apart from Inayo, Bengaluru and San Francisco-based online health and wellness startup, CureJoy had secured $1.15 million funding in Pre-Series A round, led by Accel Partners, India. The competition is heating up in India and the healthcare online system is ready to explode further.