TABLT Secures $3 Mn From Siti Cable The brand is aiming to utilize the capital for upscaling its marketing, bolstering its growth to have a pan India presence in the times ahead
By Prabhjeet Bhatla •
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Previously known as Sabse Sasta Dukaan, the online pharmacy TABLT which deals in medicines and healthcare products has recently announced the news of securing $3 million funding from Siti Cable.
Indian Cable Net Company Limited, a unit of Siti Networks has funded $3million in the "Series A' funding round to TABLT. The capital will majorly be used by the brand for boosting its business development activities, driving its growth plans, and upscaling its marketing strategies so as to have a competitive edge and maintain its leading position in the market.
TABLT provides its services in semi-urban and rural areas in the states of West Bengal, Bihar, and Jharkhand and Odisha. The brand has gained prominence over the years and is known for its USP of one-day delivery of medicines in the Bharat Market. It is also the first-ever online pharmacy to have an app version in Bengali, Odia, and Hindi languages. The organization believes that the pandemic indeed stepped in as a blessing in disguise for them as they have witnessed a positive impact on their business in the second wave of the coronavirus. They share that their revenue has grown ninefold times since last year. Additionally, there has been a significant rise in the number of new customers onboarded and they are aiming to make a revenue of 400 crores in the next 2 years.
"We are elated to have associated with Siti Group and thank them for believing in our vision. We will be utilizing the investment to bolster our expansion plans and improve our business acquisition and development activities so as to ensure that we are always at the forefront of the industry in the markets that we are present in or are planning to foray into. Siti Group as a brand has been a pioneer in the Indian media industry and has a good presence in semi-urban and rural markets which is our key targeted area. Apart from the monetary terms, we are also aiming at having powerful synergies with the group in the times ahead," said Anish Agarwal, chief executive officer, TABLT.
TABLT is planning to raise an additional amount of INR 20 crore in the next three months. The firm is already in discussions with some industry giants but prefers not to divulge the details explicitly until the deal will be sealed.
"Bharat market is still untapped as far as online pharmacies are concerned. I believe that TABLT Pharmacy has the potential to grow significantly and occupy a major share in the coming years. "The huge market they are present in and their enthusiastic founding team is what attracted us and made us agree to this collaboration. "We saw huge potential in them and this nudged us to sign the deal," added Suresh Sethiya, director, ICNCL.
TABLT's previous investors include key names such as Vinod Dugar from RDB Group, Raj Patodia from Signum Group, Sunil Singhvi from South Handlooms, along with Manoj Mehta from MTC Group, Gunavanth Vaid from 4G Capital, Aniket Gore from Ceramet group, and Kumar Subramanium, a Global Banker.
The company also hints about launching its first offline store in Kolkata soon and assures that it will share the details about the same at the right time.
