Pharmarack Raises $3 Mn In Series A From IvyCap Ventures
Other investors include Unicorn India Ventures and Patni Group's Currae Healthtech Fund
Pharmarack had raised $75K from ClariHealth and others, this month
The company plans to broaden its product offerings
Pune-based Pharmarack has raised $3 Mn in a Series A funding round from IvyCap Ventures. As part of the deal, the IvyCap Ventures' founder and managing partner Vikram Singh will join the healthtech startup's board. Pharmarack's existing investors include Unicorn India Ventures and Patni Group's Currae Healthtech Fund among other investors.
The healthcare SaaS startup had raised $280K in angel funding from Unicorn Ventures India and $745K in Pre-Series A funding from Patni Group's Currae Healthtech fund in September 2016.
According to the ministry of corporate affairs filing of September 13, the company had also raised $75K from ClariHealth, Richa Chawla and Global Head Healthcare Business unit at healthcare distributor DKSH Bijay V Singh.
Pharmarack was founded in 2015 by Pradyumn Singh, Kushal Bhandari, Anupam Sarawagi and Bhavik Parmar. Amit Backliwal joined in as a cofounder in 2018. The startup offers a subscription-based SaaS solution and creates a network of pharma supply chain participants.
"Improving access to quality healthcare products by making them 100% available and at the right prices to the right pharmacies is a critical mission for us at Pharmarack. The next 18-24 months are very exciting for us as we scale all our offerings and footprint across the country," Backliwal, cofounder and CEO was quoted as saying by ET.
Its suite allows pharma supply chain companies to track order management, procurement, returns, collections, market insights, and inventory management for pharmaceutical retailers and distributors. As of 2016, the company claimed to have 6,500 retailers and says it processes INR 50 Cr worth transactions each month.
Within the healthtech ecosystem, epharmacies and telemedicine have been the sub-sectors with the most investment. Most recently, healthtech startup Meddo raised $3 Mn in Pre-Series A funding in a round led by SRI Capital. Other entities like growX Ventures, LetsVenture, Jitendra Gupta (cofounder Citrus Pay) and Venture Gurukool also participated in the round.
Last week, Mumbai-Based Lightbox Ventures made its first investment in healthcare by funding $11 Mn in a pharmacy chain Generico, which is expanding to online pharmacy sales.