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An app-based co-branded pharmacy chain, CareOnGo, has raised an undisclosed amount of funding in pre-series A round. The round was raised on LetsVenture, led by Farooq Oomerbhoy of FAO Ventures.
The round also saw participation from angel investors Anupam Mittal and Anand Mittal of People Group; Ravi Garikipati, head of Flipkart’s ads business; Vibhu Garg, co-founder of Unicommerce; Singapore Angel Network, and Konglo Ventures.
Founded in August 2015 by Aditya Kandoi, Ritu Singh and Yogesh Agarwal, CareOnGo is an e-distributor enabling bulk procurement channel for the co-branded pharmacies. The startup has a proprietary analytics platform ‘Pharmalytics’ that enables co-branded pharmacies to study sales insights to help them scale business efficiently. The platform also enables automatic customer profiling by capturing data of supply and demand, thus enabling big data analytics on individual customers from an area.
Yogesh Agarwal, co-founder of CareOnGo said that the funds raised will be utilised to expand its B2B operating, offers advance POS solutions, and aggregating micro-pharmacies in India under a single umbrella of co-branding. The funds will also be used in research and further development of company’s technology offerings, with special focus on analytics product.
In February this year, CareOnGo raised $300K in seed funding from Farooq Oomerbhoy, Raj Mishra and Vineet Ganesh. It also unveiled its first mobile chain of branded pharmacy stores to help users to buy medicines online, find medicine substitutes, order generics, and keep digital health records. It claims to have a network of 700 + pharmacies through which users can buy prescribed and OTC medicines.
According to experts, ecommerce, hyperlocal delivery, foodtech, healthtech and travel industries are some of the most enticing sectors. There has been tremendous growth in the number of startups entering the healthcare domain, while offering preventive and curative care. According to startup data collector Tracxn, over 60 online pharmacy delivery startups have emerged in the past two years in India. The pharmacy retail is estimated to be a $7 Bn market of which online deliveries currently account for $10 Mn.
CareOnGo faces competition from various online pharmacies including 1mg, NetMeds.com and Practo. Recently, 1MG raised $15 Mn from Maverick Capital Ventures.
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