Zeno Health Rolls Out Platform To Support Early Stage Healthcare Startups

Lightbox-backed Zeno Health (erstwhile Generico) has launched a platform to incubate and support early stage healthcare startups.

The platform, Pay It Forward, aims at nurturing healthcare and wellness startups operating in medicines, diagnostics, insurance, hygiene and nutrition categories.

“Early stage healthcare and wellness startups working in medicines, diagnostics, insurance, hygiene, nutrition, preventive care, derma, OTC, or any other product or service that makes healthcare better and more accessible are invited to apply…,” Zeno Health said in a statement. 

With the initiative, the company looks to help startups by providing them retail shelf space and visibility in nearly 180 pharmacies and stores across Mumbai and Pune. 

The Mumbai-based startup claims to offer access to its consumer base and mentorship from its founders and leadership team. 

As per its statement, the programme will help startups that are providing quality healthcare at affordable costs.

Founded by IIT Bombay alumni Girish Agarwal and Siddharth Gadia in 2017, Zeno Health is an omnichannel pharmacy network which sells generic medicines. It claims to offer medicines at 60% lower cost by sourcing them directly from manufacturers. 

Besides retail pharmacy stores, it has 200 micro-franchises across Maharashtra and West Bengal. Zeno Health also has a private label brand GoodAid which sells generic medicines.

“Through ‘Pay It Forward’, we want to create a founder-first platform that helps startups bring impactful solutions to the people who need them most. We’re not taking equity. We’re not doing this for credit. We’re doing it because India needs more healthcare disruptors…,” said Agarwal.

The development comes nearly over two months after the healthcare startup launched a 50-minute medicine delivery service in Mumbai.

Prior to that, Zeno Health raised $25 Mn in its Series C funding round led by South Korean private equity firm STIC Investments and existing investor Lightbox.

Back then, it said that the capital would be used to expand footprint, spruce up tech infrastructure, branding and building innovative solutions for diverse markets. 

Healthcare Startups Need A Strong Push

India’s early stage healthcare startups are struggling in establishing their footing in the sector. Lack of funding for the early stage startups has declined in the last few years leading to either their acquisition or closure. 

In Startup Mahakumbh, Indian Angel Network’s (IAN) cofounder Padmaja Ruparel said that India is losing early stage healthtech startups to overseas players due to a lack of domestic capital. 

“There is deep science and deep technology that we see in our companies. The missing piece, specifically in this sector’s entrepreneurs, is the business and the finance side. And it’s not possible to build value for yourself unless you understand the business side,” said Ruparel. 

She also discussed the need for adequate infrastructure for the healthtech sector that includes testing capabilities, approval from bodies, and an ability to get a supply chain. 

As per Inc42, Indian healthtech startups raised a mere $0.7 Bn funding last year across 78 deals in 2024. 

It is pertinent to note that healthtech startups like Kenko Health, DayTwo, Nintee, and ConnectedH, shut operations in recent times. 

The funding in healthtech shot up in the first quarter of 2025 and stood at $301 Mn, however on the back of healthtech unicorn Innovaccer’s $275 Mn fundraise.

India is home to unicorns like PharmEasy, Cure.Fit, Innovaccer and Tata 1mg in the healthcare sector. Overall, more than 11,000 healthtech startups have emerged in the country since 2014.