B2B Pharmatech Startup MEDdelivery Raises Around $1 Mn Funding
The startup plans to expand its reach in more than 100 non-metro cities in the next 18-24 months
The Jaipur-based B2B pharmatech startup MEDdelivery on Monday announced to have raised around $1million in investments from investors like Auxano Entrepreneur Trust, Lets Venture, Kisho Capital, Venture Garage, FAAD network and Marquee Angels.
“With MEDdelivery, our aim is to increase accessibility, availability, and affordability of medicines especially in non-metro markets which are dominated by locally-run pharma companies,” said Aastha Dusad, co-founder, MEDdelivery.
Started with the aim of establishing a single value chain between pharma companies, stockists, and medical shops, MEDdelivery was founded by Aastha Dusad, Rohit Bafna, and Rahul Gautam in April 2019.
“With local medical stores playing a vital role in these testing times by providing priority healthcare to more than 10 million people every day, we’ve ensured that they have absolutely no hassle while ordering stocks and the supply chain is running efficiently,” shared Rahul Gautam, co-founder, MEDdelivery.
Offering a wide-ranging catalog of over 1 million SKU’s from more than 10,000 different pharmaceutical brands, they have achieved an annualized Gross Merchandise Volume of over INR 48 crore by catering to small retail pharmacies in Jaipur, with a daily average order size of INR 5,000 to INR 15,000. MEDdelivery offers a complete solution that essentially aligns everyone’s interest in the supply chain. Their strong repeat rate of more than 70 per cent is a testament to their stronghold in the market.
“Our uniquely designed, community-driven data support enables us to provide 100 per cent fulfillment of all products to all our customers. We strive to achieve efficiency for all stakeholders in the pharma supply chain by increasing accessibility, availability and affordability of medicines,” added Rohit Bafna, co-founder, MEDdelivery.
Currently operating in more than 8 cities with over 3000 retail pharmacies using their unique platform to procure supplies, the startup plans to expand their reach in more than 100 non-metro cities in the next 18-24 months.