Generic medicines retail chain Medkart on Tuesday said it has raised Rs 40 crore in a funding round co-led by Alkemi Growth Capital and Insitor Partners.
Other investors who participated in the Series A round of funding include angel investor Prashant Poddar among others, the company said in a statement. Commenting on the fundraising, Medkart Co-Founder Parasharan Chari said, “This funding will help us continue to strengthen infrastructure necessary to provide a seamless omni channel experience to our customers.''
Founded in 2014, Medkart said it makes WHO GMP (good manufacturing practice) certified generic medicines available across its network of more than 75 stores.
The company claimed that it reduces medical costs by up to 85 per cent and has saved more than Rs 200 crore for its customers till date.
Every year six crore Indians are pushed into poverty because of out-of-pocket medical expenses, Medkart Co-founder Ankur Agarwal said. ''Considering medicines is a staple need especially for chronic patients, we aim to disrupt the way medicines are being consumed in India,'' he added. The company said it has a customer base of six lakh chronically ill patients and derives 80 per cent of its revenue from repeat customers.
The company has so far focused on building a robust supply chain and improving end delivery to customers.
Commenting on the Investment, Alkemi Growth Capital Managing Partner Alka Goel said affordable health is a priority globally and in India. All government initiatives are focused on making healthcare affordable and accessible.
''Medkart is living true to its mission of providing quality medicines to its large loyal customer base at affordable prices through its omnichannel network. We are enthused by partnering with Medkart on this journey,'' Goel added. Insitor Partners Chief Investment officer Nicholas Lazos said,''This new investment will enable Medkart to continue building a world-class organization, which positively impacts the life of patients while making a larger macro level change in the healthcare sector.''
(With inputs from PTI)
