IvyCap Ventures has infused $3 million (approx ₹21 crore) as Series A round in healthtech platform Pharmarack. The Pune-based startup Pharmarack, plans to use the funds to expand its network for pharma manufacturers and retailers. With this, IvyCap Ventures’ founder Vikram Gupta will join Pharmarack’s Board, reported by Yourstory.
Amit Backliwal, Co-founder and CEO, Pharmarack, said, “Improving access to quality healthcare products by making them 100 percent available and at right prices is a critical mission for us. The next 18-24 months are very exciting for us as we scale all our offerings and footprint across the country”.
Founded by Amit Bachliwal and Pradyumn Singh in 2018, Pharmarack, as name suggests, offers a plug-and-play platform for pharma manufacturers, distributors, and retailers to automate order-taking, and provides real-time visibility into operational information like inventory in the warehouse, outstanding payments, and credit, among others.
According to reports, the healthcare market can increase three-fold to $133.44 billion by 2022.
While, as per the sources, at least 3 per cent of this will be spent on technology, making it a multi-billion-dollar business in India.
India is also experiencing 22-25 percent growth in medical tourism, and the industry is expected to reach $9 billion by 2020.
There is a significant scope for enhancing healthcare services considering that healthcare spending as a percentage of Gross Domestic Product (GDP) is rising.
Some of the significant healthtech startups, offering online medicines include Practo, NetMeds, 1mg, PharmEasy, among others.