Medkart, the Ahmedabad-based pharmacy retail chain of generic medicines on Tuesday said it has raised Rs 40 crore in its Series A round from Alkemi Growth Capital and Insitor Partners with participation from angel investors including Prashant Poddar and other professionals from UAE and ex-CEO of IIFL Asset management.
Medkart, founded by Ankur Agarwal and Parsharan Chari, is an omnichannel pharmacy that empowers people to lower their medical bills through access to best quality generic medicines at most affordable rates.
Founded in 2014, Medkart makes WHO GMP certified generic medicines available across its network of more than 75 stores in over 22 cities.
Medkart says it reduces medical costs by up to 85% and has saved more than Rs 200 crores for its customers till date.
The company said it has a loyal base of more than 600,000 chronically ill patients and derives 80% of its revenue from repeat customers.
The company has so far, focused on building a robust supply chain and improving end delivery to customers.
In its founding years, the company was bootstrapped, reached positive unit economics quickly and gradually scaled up its operations across Gujarat and Rajasthan. More recently it has forayed into building online channels to add a more personalized experience for the customer.
Speaking about the fund raise, Ankur Agarwal, co-founder said “Every year, 6 crores Indians are pushed into poverty because of out-of-pocket medical expenses. Considering medicines is a staple need especially for chronic patients, we aim to disrupt the way medicines are being consumed in India. Being a technology enabled company, we always aim to service our customer at whichever channel they are comfortable with.”