Khosla Ventures has led $5.5 million (approx ₹38 crore) seed round of funding in a healthtech startup Digi-Prex. The Hyderabad-based startup Digi-Prex, with this fundraise, intends to further expand its presence in 10 other cities in India.
The investment has been issued during a two-day event, in which many other investors were also part of the funding.
Samarth Sindhi, founder at Digi-Prex, said, “We take a novel approach of having personalised interactions with each client as opposed to providing an ‘Amazon’ for medicines like other online Indian pharmacies. Our prices are also significantly lower than the traditional brick and mortar pharmacies.”
Digi-Prex was started by Samarth Sindhi in 2019. It is an online subscription pharmacy for patients with chronic diseases like diabetes, heart and kidney diseases in India.
The patients pay a subscription fee on a monthly basis and get access to discounted medicines, delivered to their homes. The product also offers a customised experience to help the patients manage and monitor their condition.
Digi-Prex claims to be offering medicines 15 per cent cheaper, as compared to buying from a neighborhood pharmacy. The platform sends automatic reminders that allows patients to plan their medication cycles, avoiding the risk of running out of medicines.
The healthcare market, which is currently booming in India, is expected to grow to $372 billion by 2022.
Apart from Digi-Prex, other healthtech startups under the same roof constitute of Practo, NetMeds, 1mg, PharmEasy, among others.