Total amount raised
$3.7 Millions
Latest funding date
09/01/2019
Location
Pharmarack has successfully raised funds through a Series A round, with notable investors such as Unicorn India Ventures and IvyCap Ventures. The platform is dedicated to digitally transforming the Indian pharmaceutical industry by empowering chemists, stockists, and pharma principals with advanced technology.
Keep reading to explore the intricacies of Pharmarack's fundraising journey and the investors backing this innovative platform.
What Is Pharmarack?
Pharmarack, founded in 2015, operates in the B2B healthcare sector, focusing on pharmaceuticals, information technology, and healthcare. The company is headquartered in Pune, Maharashtra, India, with additional offices in Mumbai.
Founded by Amit Backliwal, Bhavik Parmar, and Pradyumn Singh, Pharmarack employs between 101 and 250 people. The platform aims to digitally transform the Indian pharmaceutical industry by providing advanced technology solutions to chemists, stockists, and pharma principals.
Pharmarack offers a range of products and services, including Pharmconnect, Pharmretail, Pharmanalytics, and public health initiatives. The company serves over 200,000 retailers across more than 70 cities, enhancing efficiencies, reducing costs, and driving revenue growth in the pharmaceutical sector.
How Much Funding Has Pharmarack Raised?
- Seed Round
- Amount Raised: ₹50M (approximately $750,000)
- Date: September 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the product and expand market reach.
- Series A
- Amount Raised: $3M
- Date: September 2019
- Lead Investors: IvyCap Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To broaden product offerings and scale operations across the country.
Total Amount Raised: $3.75M
Current Valuation: Not publicly disclosed
Key Investors
- IvyCap Ventures
- Details: IvyCap Ventures is a venture capital firm founded by Vikram Singh. The firm focuses on investing in early to growth-stage companies across various sectors.
- Investment Focus Areas: Healthtech, technology, consumer products
- Notable Investments: Pharmarack, Purplle, Clovia
- Unicorn India Ventures
- Details: Unicorn India Ventures is an early-stage investment firm that supports technology-driven startups. The firm has a diverse portfolio across multiple sectors.
- Investment Focus Areas: Technology, fintech, healthtech
- Notable Investments: Pharmarack, Open Bank, Inc42
- Patni Group’s Currae Healthtech Fund
- Details: Currae Healthtech Fund is part of the Patni Group, focusing on investments in the healthtech sector. The fund aims to support companies that improve healthcare delivery and access.
- Investment Focus Areas: Healthtech, medical devices, digital health
- Notable Investments: Pharmarack, HealthifyMe, Qure.ai
What's Next for Pharmarack?
Pharmarack is poised to capitalize on significant opportunities in the healthtech sector. With plans to expand its product offerings and scale operations across India, the company is well-positioned to enhance its network of pharma supply chain participants. The healthtech ecosystem, particularly epharmacies and telemedicine, has seen substantial investment, indicating a promising future for Pharmarack.
As the company continues to grow, future fundraising opportunities are likely to arise. The current investment and scaling plans suggest potential for additional funding rounds to support its expansion. However, Pharmarack may face challenges such as ensuring the availability of quality healthcare products at competitive prices and managing the complexities of nationwide operations. Competition from other healthtech startups and epharmacies also presents a potential hurdle.
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