Pharmaceuticals is an inelastic market; which is primarily why human beings have no option than to buy & demand medicines at whatever prices they are. The sector has a great offline market but surprisingly the online ecosystem is also getting efficient day by day.
Health tech ventures are coming up in order to provide best services & requisite medicines to the needed customers at a click. The scope is definitely large; because of which new ventures are straightaway seeing a growth trajectory.
Wednesday brought a similar good news as the online start up Pharm Easy got a raise and with this raise it made its entry to the unicorn club. What is the amount of raise & from where did it come can be found from the details in the article? Let’s get in.
INSIGHTS INTO RAISE
The current funding by API Holdings which is the owner company of Pharm Easy was the part of Series E round. The amount stood at $323 million. The major investors who took part were Prosus Ventures & TPG Growth. Other investors also participated in the round like CDPQ, Light rock, Eight Roads, Think Investments & Temasek.
The current valuation now stands at $ 1.5 billion which makes it eligible to be called as a unicorn. The amount generated has a strategy associated with it. It will be used to enhance the partnership with over 1 Lakh pharmacies in the coming year. A planned diversification in the offerings is also on the cards where it can start offering the professional services of practitioners.
Siddhartha Shah; the co-founder of API Holdings has a say that we have played a crucial role in making the pandemic go slower on the small pharmacies by offering them easy & greater accessibility to their consumers.
Ashutosh Sharma; head of India Investments, Prosus Ventures also mentioned that the company is always in search for lucrative areas where there is a huge consumer spending. Indian healthcare offers a lot of opportunities in that context and a comprehensive solution is what can be the only solution.
PHARM EASY BACKGROUND
Simplifying healthcare in order to impact lives has been the motto which has made the company go a large mile since its inception.
It has served more than 50 Lakh families across 22000 pin codes of the nation.
More than 1 Lakh medicines are available &
More than 1.5 crore orders have been delivered till now.
The company had made sure that your health care worries take a back seat as it tries to provide logistics & software solutions to the pharmacies too. From medicines to healthcare products to patient solutions; everything is provided at affordable cost.
It’s high time that India needs a strong network where people find it easy to get to their doctors & avail their services without any hassles. Undoubtedly; you cannot substitute offline healthcare system and the effort is not even to do that. It’s just making the crucial things like medicine & healthcare services more accessible. The market ahead demands it and therefore venture capitalists have already planned a strategy to capture that.