In its founding years, the company was bootstrapped, reached positive unit economics quickly and gradually scaled up its operations across Gujarat and Rajasthan
Medkart has raised INR 40 Cr in its Series A round. The funding round was co-led by Alkemi Growth Capital and Insitor Partners with participation from angel investors including Prashant Poddar and other professionals from UAE and ex-CEO of IIFL Asset management.
Speaking about the fund raise, Ankur Agarwal, Co-Founder, Medkart said, “Every year, 6 crores Indians are pushed into poverty because of out-of-pocket medical expenses. Considering medicines is a staple need especially for chronic patients, we aim to disrupt the way medicines are being consumed in India. Being a technology enabled company, we always aim to service our customer at whichever channel they are comfortable with.”
Parasharan Chari, Co-Founder, Medkart said, “This funding will help us continue to strengthen infrastructure necessary to provide a seamless omni channel experience to our customers. For us, the unicorn status will be achieved when Medkart has helped its customers save $1 Billion in their medical expenses”
Alka Goel, Managing Partner, Alkemi Growth Capital said, “Affordable Health is a priority globally and of course in India. All government initiatives are focused on making healthcare affordable and accessible. Medkart is living true to its mission of providing quality medicines to its large loyal customer base at affordable prices through its omnichannel network. We are enthused by partnering with Medkart on this journey.”
Nicholas Lazos, Chief Investment officer at Insitor Partners, a Singapore-based impact investment firm stated “We are very proud to support Ankur, Parasharan and their team at Medkart, to make healthcare more inclusive, accessible and affordable, especially for those most vulnerable. This new investment will enable Medkart to continue building a world-class organization, which positively impacts the life of patients while making a larger macro level change in the healthcare sector.”
In its founding years, the company was bootstrapped, reached positive unit economics quickly and gradually scaled up its operations across Gujarat and Rajasthan. More recently they have forayed into building online channels to add a more personalized experience for the customer.
Mumbai based investment bank, Radix Capital Advisors acted as an exclusive financial advisor for Medkart.