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Online wellness platform and aggregator of pharmacy stores, CareOnGo, has raised $300K in seed funding from a group of investors led by Farooq Oomerbhoy (co-founder, Orios Venture Partners). Raj Mishra of Indea Capital and Vineet Ganesh of Imperial India Investment also participated in this round.
The newly raised capital will be used to increase the number of co-branded stores across Delhi, Bangalore, Kolkata, and Hyderabad with expansion to Mumbai, Chennai and 11 more cities.
Founded in September 2015, by Aditya Kandoi, Ritu Singh and Yogesh Agarwal, CareOnGo is a 24×7 mobile pharmacy chain. It aims to become a centralised source of e-procurement by addressing the problem of authenticity and on demand inventory procurement for these pharmacies.
Farooq Oomerbhoy said, “CareOnGo not only will help the existing pharmacies expand their reach, via technology, but also help them create a more accessible and an on-demand platform for procurement of authentic medicines benefitting the ecosystem as a whole.”
Delhi-based, CareOnGo, empowers its users to buy medicines through its app from neighbourhood approved pharmacies. Users can also set medicine reminders and archive digital health records (prescriptions & invoices). It has a network of over 700 pharmacies through which users can buy prescribed and OTC medicines.
The startup has witnessed 95% increase in its month-on-month sale. And has expanded operations from two cities to eight cities in just over four months.
Other players in this segment include Pluss, 1mg, Pharmeasy, MyMedisyn, Medist and Mera Medicare.
Prior to this, in January, Bangalore-based health-tech startup Practo added an option on its app that allowed its users to order medicine online. At that time the service was only available in a few places in Bangalore.
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