Mumbai Angels announces its 1st deal of 2010 – invests in AWACS AIOCD
Mumbai Angels, India’s leading group of angel investors, today announced its 1st deal of 2010 – an investment in AIOCD Pharmasofttech AWACS Pvt Ltd – a company thats creating an electronic infrastructure across 550,000 pharmaceutical retailers & wholesalers across the country. This network will churn out a series of information products at different geographic levels, and also service the supply chain and internal sales compilation of several companies. Currently this is at manual data entry mode which will be shifted for the first time to electronic mode.
Pharmaceutical Market Research is at a very nascent stage in India. Compared to developed countries, there is a huge gap in the product offering, and the quality of existing offerings is also mediocre. The entire challenge is in the unorganized sector.
Headed by Mr. Jagannath Shinde who wears a dual hat of leader of a 550,000 association as well as Chairman of a corporate entity – AIOCD Ltd and AIOCD AWACS, the company has an experienced and professional operating team lead by Dr. Shamsheer Shaikh and Mr. Ameesh Masurekar. Dr Shaikh is a medical doctor – diabetologist with over 2 decades of experience in IT Healthcare solutions including Hospital Software products. Mr. Ameesh Masurekar has more than a decade of experience into operational areas spanning leading companies like Eli Lilly, Piramal Healthcare & Panacea Biotec.
The Electronic Data Exchange platform being established between companies, wholesalers and retailers is likely to give a series of benefits to all stakeholders in pharma sector. It will reduce data entry errors, cut inventory across the chain, reduce shortages, lead to computerization in retail, reduce expiries, help track down and prevent spurious / adulterated drugs plus give a series of market research products that will help give direction to companies on diverse areas of sales, marketing and new molecule research. The company is already in a operational phase with 2 of their products being subscribed by most of the top 20 companies in pharma sector.
Though the valuation and size of investment is not disclosed, it is likely to be 2 crores – sweet spot for Mumbai Angels. Further, Mumbai Angels has taken 2 board seats in the company.
Mr Ameesh, speaking at the occasion told us,” Mumbai Angels with its network of members having deep association with several leading pharmaceutical companies offers a springboard for our company. They help us by guiding further on needs of the industry as well as establishing quick contacts at senior level to fast forward the entire sales cycle for the products”.
Ameesh Masurekar – 09967552531
Amit Grover – 09833410822