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PharmEasy Raises $50 Mn Series C Funding Led By Eight Roads Ventures, Others | #VentureCanvas

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Bhumika Khatri | Inc42

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Mumbai-based healthtech startup PharmEasy has raised $50Mn in Series C round of funding led by Eight Roads Ventures India, the proprietary investment arm of FIL (Fidelity International Limited), F-Prime Capital, Nandan Nilkeni and Sanjeev Aggarwal backed Fundamentum partnership and San Francisco-based hedge fund Think Investments. 

Existing investors BVP also participated in this round which was run by investment banking firm Avendus.

The startup plans to use the funding to build upon a larger consumer base and work towards improving its technology base.

Founded in 2015 by Dharmil Sheth and Dr Dhaval Shah, PharmEasy is catering to the chronic care segment and offers a range of services including teleconsultation, medicine delivery, sample collection for diagnostic tests, as well as subscription-based service, which is currently live in a few cities.

PharmEasy operates on a full stack model whereby it claims to procure medicines directly from the manufacturers and deliver it to the customers.

The company has expanded its presence to 700 cities and 2,000 pin codes with over 150 partner vendors. It claims to receive around 8,000 orders a day.

Dharmil Sheth, co-founder, PharmEasy, says, “It has always been our aim to make healthcare affordable and accessible to everyone. And the new funding will only push us closer to achieving this goal, helping us change the healthcare ecosystem in the country. We plan to use this fundraise to strengthen our tech capabilities in operations and also in ensuring that we are able to provide personalised healthcare solutions to the consumers.”

The development comes in line with reports that the company may raise $50 Mn from Nandan Nilekani and Sanjeev Aggarwal-led investment firm Fundamentum Advisors and Eight Roads Ventures, the proprietary investment arm of Fidelity International.

Earlier, the company has raised $53 Mn, with last being $30 Mn (INR 196 Cr) in Series C funding round led by existing investors: Bessemer Venture Partners and Orios Venture Partners, and new investors: JM Financials and MEMG.

Earlier in September, PharmEasy raised $5.5 Mn (INR 40 Cr) in a venture debt funding round from Mumbai-based InnoVen Capital.

Healthtech Industry In India

In the healthtech space, we also have players like MedPlus, 1mg, NetMeds, Punit Soni’s Suki, Visit, Innovaccer, Zoctr, Lybrate, and Tricog, among others.

India’s pharmaceutical industry was valued at $33 Bn in 2017. It is expected to expand at a CAGR of 22.4% over 2015–20 to reach $55 Bn.

At the same time, the market for diagnostic services has been growing in India over the past couple of years at a rate of 15%-20% and stood at nearly INR 40,000 Cr as of 2016.

According to a May 2018 report entitled ‘India Epharmacy Market Opportunity Outlook 2024’, currently, the epharmacy market potential is worth over $1 Bn with more than 30 startups assisting the growth of this segment in various regions of India.

The Indian epharma market is predicted to grow at a CAGR of over 20% and is expected to cross the $3 Bn mark by 2024. However, India has about 850K independent pharmacy retail stores that can meet only 60% of the total domestic therapeutic demand.

The Indian healthcare market is further expected to reach $280 Bn by 2020, from the current $100 Bn, according to an IBEF report.

The post PharmEasy Raises $50 Mn Series C Funding Led By Eight Roads Ventures, Others appeared first on Inc42 Media.

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Source: PharmEasy Raises $50 Mn Series C Funding Led By Eight Roads Ventures, Others

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