The funds will be used to undertake several growth initiatives
With a month-on-month growth rate of over 42%, the startup claims to have crossed $1 Mn in monthly disbursements in April 2022
According to Fundly.ai, it has disbursed more than INR 800 Mn to over 2,000 retailers, and 30+ distributors
Pharma-focussed fintech startup Fundly.ai has bagged seed funding of $3 Mn in a round led by Accel India. Additionally, Multiply Ventures also participated in the round along with other undisclosed angel investors.
The startup plans to use the funds for several growth initiatives including deeper engagement with existing customers, expansion into new geographies, building technology, and working on new product offerings.
Founded in 2021, by Amit Chawla and Shreeram Ramanathan, Fundly.ai works closely with the pharma industry by offering innovative financing and allied solutions to the distribution tail, specialty players, and brands.
Announcing the investment on LinkedIn, Chawla said, “With this new funding, we are excited to expand our reach and explore untapped markets, bringing our vision of a more efficient and effective pharma supply chain to an even larger demographic.”
Chawla further said that the startup has crossed $1 Mn monthly disbursements in April 2022 with a month-on-month, over 42% growth rate. Since inception, Fundly claims to have disbursed more than INR 800 Mn to over 2,000 retailers, and 30+ distributors.
The startup aims at developing a one-stop platform with a fusion of supply chain and MSME financing solutions to optimise the pharma distribution operations for specialty players and brands.
Both the founders had worked in the fintech industry and have been associated with InCred for some time.
The Indian fintech industry is expected to grow to $2.1 Tn by 2030, out of which digital lending is the fastest growing sector.
Meanwhile, India Brand Equity Foundation reports that the Indian pharma market is estimated to reach $130 Bn by the end of 2030. However, such prospect faces challenges in the supply chain management due to varying weather conditions across several geographies of the country.
Further, e-pharma has also posed challenges to the offline healthcare sector, with the quick doorstep delivery of medicines and digital diagnosis by doctors. However, DCGI has shown concerns over e-pharmacies, selling drugs in contravention of provisions of the Drugs and Cosmetics Act, 1940.
Following this, some e-pharmacies have urged the MOH for an audience of their position, before coming to a conclusion.
Bonatra, Portea, Practo, Tata 1mg, etc are few startups in the pharma and healthtech segments in India.
