Mumbai-based on-demand healthcare marketplace, Inayo, has raised $300K in a seed round of funding from Kemark Ventures, Amit Ranjan (founder of SlideShare), Zishaan Hayath (founder of Toppr) and few others.
Founded by Raunak Jain, Abhishek Sinha and Purna Chandra, Inayo, is a mobile-based platform that aims at simplifying medication and healthcare. The app allows users to order prescription drugs and general health products online and gets them delivered within 90 mins.
The company has over 30,000 products spread across various categories such as medicines, patanjali, ayurvedic products, sports nutrition, personal care products and baby care products. It partners with local chemists to source these medicines and products. The company ensures that the licences of these chemists are verified properly.
The funds will be used for expansion to 22 localities including Mumbai, Delhi and Bangalore, as well as for enhancing the product features. The company also aims to reach 100 orders per day by the end of this month.
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The app is currently, live on Android platform and operates in Powai and Andheri in Mumbai.
How it works:
To order prescription drugs, a user can upload a scanned copy or photograph of a valid prescription on the app. Once the prescription has been verified, the order will be processed. Currently, the only payment option available is cash on delivery (COD).
Besides, the app also helps in setting a reminder and instruction on how and when to take the medicines.
The company’s revenue model is commission based. As for the logistics, the company has tied up with Bangalore-based startup Roadrunnr, a B2B online platform and service provider for hyper local logistics services.
- 1500 app downloads
- Currently caters 15-20 orders per day
- Offers over 30,000 products
In future, the company is planning to foray into other healthcare services which includes on-demand Pathology tests.
Recently, other players who have raised funding in this space include 1mg (formerly HealthkartPlus) – which raised $6 Mn, Welcome Cure – which raised $6 Mn in Pre-Series A round of funding and Credihealth – which raised an undisclosed amount from Rajat Malhotra, director of engineering at Twitter India.
Health products market is expected to grow at a CAGR of 15% and touch $158.2 Bn in 2017.