Healhtech Startup Pharmarack Raises Funds
Pune-based health tech startup Pharmarack raised $3 million in a Series A round of funding from IvyCap Ventures.
Existing investors in the startup are Unicorn India Ventures and Patni Group’s Currae Healthtech Fund among its investors. The health tech startup was founded in 2016 that plans to expand its network and broaden its product offerings in the health tech sector.
From the CEO
CEO and co-founder Amit Backiwal said that improving access to quality healthcare products by making them 100 percent available and at the right prices to the right pharmacies is a critical mission for them. He added that the upcoming months are going to be very exciting for the, as they scale their offerings and footprints across the country.
The deal also includes IvyCap Ventures’ founder and managing partner Vikram Gupta to join Pharmarack’s board.
From the Investor
Pharmarack has built a strong foundation for its next phase of growth, and since this is the third round of funding, it should be on a path to achieve massive scale, thus creating value. Pharmarack specialises in offering a plug and play platform for pharma manufacturers, distributors and retailers that would automate order taking. This would also ensure real-time visibility into operational information. This is inclusive of inventory in the warehouse, outstanding payments, and a lot more.
Deals in the Space
The Indian health tech sector drew almost $355 million from 27 deals during the first half of 2019. Most of it happened in the second quarter, this is as per a report by health tech-focussed research, analytics, and advisory firm Galen Growth Asia.
The report further said that India is almost on the verge of surpassing 2018’s full year financing of $554 million, which is by far the biggest of this sector. This is a great achievement indeed.