Lightbox Ventures has led a series B round of funding with an undisclosed amount in offline pharmacy startup Generico
While, Tomorrow Capital and Whiteboard Capital also participated in the round.
Generico will use the infused funds to build upto 150 stores in the next two years, and with over 4,00,000 customers, claims to be profitable at a store and warehouse level.
It also plans to use the funds raised to strengthen its capabilities in supply chain management and data science, while catering to middle income families in urban areas.
“Today, a pharmacy has become more of a dispensary. The crux of the problem is how do you manage chronic diseases, and manage health in a way that you address it proactively, not only when you are sick,” Sandeep Murthy, managing partner at Lightbox, said.
Generico was founded by Siddharth Gadia and Girish Agarwal in 2017. The platform runs a network of offline pharmacies selling generic drugs exclusively.
It currently has about 40 stores in Mumbai from where it sells medicines, but also seeks to go beyond a retailer, by providing health awareness camps, self help groups and counselling to patients.
“Generico wants to use the trust you have with patients by selling medicines and help them manage overall health. It want to build out services and plug in yoga classes, meditation, walking groups, etc, and wants to be a resource patients can engage with,” Murthy added.
Earlier, the platform has raised $3 million in its Series A round from Tomorrow Capital, Whiteboard Capital and others.
Apart from Generico, many other online pharmacy space include some significant players such as PharmEasy, which recently closed a $100-120 million dollar equity financing round, led by a clutch of investors, Netmeds, 1MG, DeliMedi, Medd, etc.