Mumbai-based pharmacy startup Figtree Pharmacy has raised an undisclosed amount in a seed funding round from AJVC Fund and other investors.
The proceeds will be used to strengthen logistics, build its technology stack, launch private-label medicines, and expand store operations.
Figtree plans to scale its network to 25 stores.
Founded in 2025 by former Nomura healthcare analyst Adrit Chaturvedi and Flipspaces' Yatin Sharma, Figtree operates neighbourhood-focused pharmacies across Mumbai and Delhi.
The startup is building small-format pharmacy stores focused on hyperlocal demand instead of large-format retail models with extensive product catalogues.
Figtree currently operates four stores across Bandra, Altamount Road, and Babulnath in Mumbai, along with ASIAD Village in Delhi. A fifth store in Greater Kailash II is set to open shortly.
The firm claims that more than 90% of its business comes from repeat customers, with average order values exceeding Rs 1,000.
AJVC, an early-stage investment firm led by Aviral Bhatnagar, continues to expand its footprint across emerging startups in India. Its portfolio spans companies such as Bubble Me, Finanjo, Mindcase, Care Dale, HandyPanda, Multibagg AI, Nuyug, Mithila Foods, Jaagruk Bharat, TruFides AI, Chop Finance, Gaadi Mech, and Iztri.