Healthtech startup PharmEasy secures ₹40 crores in debt funding from InnoVen Capital

Mumbai-based online pharmacy PharmEasy has raised ₹40 crores ($5.5 million) in venture debt funding from InnoVen Capital.

The funds raised will be used for strengthening inventory, developing warehouses across the country, and enhancing customer experience.

PharmEasy was founded by Dharmil Seth and Dhaval Shah in 2015. It provides a platform to help connect patients with local pharmacy stores for easy delivery. It further integrates diagnostics centres, in order to help provide a comprehensive medical solution to its clients.

It aims to become a one-stop solution for all healthcare needs for its customers in this growing healthcare industry.

The startup has a presence in over 700 cities, covering 2,000 pincodes with more than 150 partner vendors. It also claims to receive around 8,000 orders a day.

The startup had last raised $30 million in series C funding from Bessemer Venture Partners, Orios Venture Partners, JM Financials, and MEMG in March 2018.

According to a May 2018 report titled “India E Pharmacy Market Opportunity Outlook 2024”, the ePharmacy market potential is worth over $1 billion with more than 30 startups assisting the growth of this segment in various regions of the country.

Indian ePharma market is expected to grow at a CAGR of over 20% to cross the mark of  $3 billion by 2024. There is an opportunity for growth in the healthcare segment overall, making it a lucrative industry for budding startups.

Other players in the healthtech domain competing with PharmEasy include 1mg, NetMeds, Portea, MedPlus, Zoctr, Tricog, among many others.

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