Bangalore-based clinical supplies provider PinkBlue.in has raised about $156K (INR 1.5 Cr) in a seed round funding from TermSheet.io, a transaction-focused service provider for startups and investors. A group of angel investors, including Ajay Modani of Capillary Technologies, Dr V Ravinder, Anirudh Rastogi, Abhishek Jain, Rakesh Gakhar, Rajeev Mudumba, Nagendra Prasad Bhanuprakash, and ShashiKant Singh, also participated in this round.
Founded in 2014 by Valliappan Kumarappan and Varun Singh, PinkBlue.in is an integrated supply chain solution for clinical/medical supplies in India (materials & equipment used by healthcare institutions during treatments). The startup brings in manufacturers and healthcare institutions into a single ecommerce platform, thereby creating a go-to platform for reliable discovery of better quality products and their best prices.
Apart from that, PinkBlue.in also provides a SaaS-based intuitive materials management platform to enhance the supply chain management capabilities of both healthcare institutions and manufacturers by creating visibility over a complex supply chain.
“A platform like ours helps manufacturers deal with these twin problems a lot more effectively – get their messages across to a large portion of their customers rapidly, and also have a more reliable channel for supplying their products to customers across the country,” said Varun.
The founders are working towards removing pricing inconsistencies as well as reducing layers in the supply chain. “With the external ecosystem completely fragmented and unorganized, it becomes extremely difficult to focus on process re-engineering inside hospitals. That’s why we’re also focused on the external ecosystem, and have been continuously working to fix the supply side issues,” said Valli.
PinkBlue has already reached 1,500 customers, and it expects to reach 10,000 customers over the next 6-12 months. It also aims to hit an annual realized revenue run rate of $4 Mn in the next 6-12 months, and will be working on both geographic and segment expansions during this time.
The startup will use the raised capital to ramp up technology development, focus on customer experience, improve operational capabilities, put in place smart supply chain management across hospitals and clinics, and hire larger teams. “We will be ramping up our operational capabilities further to ensure world-class customer experiences, and pace up our customer acquisition through more focused sales and marketing,” said Valli.
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