SUMMARY
The funding will majorly be used by the brand for boosting its business development activities, driving its growth plans, and upscaling its marketing strategies
TABLT saw a 9X times revenue growth since last year
Online pharmacies have attracted funds worth $462 Mn between 2014-19
TABLT (previously known as Sabse Sasta Dukaan), a Bharat focused online pharmacy which deals in medicines and healthcare products has secured $3 Mn funding from Siti Cable.
The capital will majorly be used by the brand for boosting its business development activities, driving its growth plans, and upscaling its marketing strategies.
The company’s existing investors include names such as Vinod Dugar from RDB Group, Raj Patodia from Signum Group, Sunil Singhvi from South Handlooms, Manoj Mehta from MTC Group, Gunavanth Vaid from 4G Capital, Aniket Gore from Ceramet group, and Kumar Subramanium, a global banker.
Founded in 2018, TABLT provides its services of same-day medicine delivery in semi-urban & rural areas in the states of West Bengal, Bihar, Jharkhand and Odisha.
The company claims to have witnessed 9X times rise in revenues since last year. The company is aiming to record INR 400 Cr in revenues in the next 2 years.
Elucidating about securing the required financial assistance from Siti Group, Anish Agarwal, CEO, TABLT, said that the investment will go towards bolstering its expansion plans and improving business acquisition and development activities. “Siti Group as a brand has been a pioneer in the Indian media industry and has a good presence in semi-urban and rural markets which is our key targeted area. Apart from the monetary terms, we are also aiming at having powerful synergies with the group in the times ahead,” he added.
So far, TABLT has 400 franchises. The company is currently operating in four states — West Bengal, Bihar, Jharkhand and Odisha and is also planning for a pan India expansion in the next financial year.
Besides online retailers such as Apollo and Himalaya and 1mg, TABLT competes with Reliance-owned NetMeds and PharmEasy, among others in the online pharmacy segment.
According to an Inc42 Plus report titled, India’s Healthtech Landscape In A Post-Covid-19 World, the Indian healthtech market is projected to reach a market size of $21.3 Bn by 2025, from $5.2 Bn in 2019. The market is expected to grow at a CAGR (compound annual growth rate) of 27% between 2020-25 and will acquire 3.2% of the global healthtech market pie by the end of the period.
Within healthtech, online pharmacies have proven to be the most attractive bet for investors, having attracted funds worth $462 Mn between 2014-19, the most among the various sub-segments for India’s healthtech startups such as telemedicine and fitness and wellbeing, among others.
