The funds will be used to expand LifCare’s geographical presence and boost investment in technology
Corner Store Technologies, which operates healthcare startup LifCare, raised $11 million in a Series B round from SAIF Partners, Nexus Ventures and IL&FS. The company, in a statement, said the funds will be used to expand LifCare’s geographical presence and boost investment in technology. LifCare is a subscription pharmacy firm targeting patients with chronic illnesses.
The company is active in North India where it serves more than 300,000 families who take medicine refills every 30-60 days. These patients vary from those suffering from diseases like diabetes, cardiac conditions, hypertension, renal disorders, thyroid, etc and require ongoing medication.
LifCare uses data science to automate medicine refills so patients never miss a dose. The company is also able to cut down the cost for end patients by running a more efficient supply chain. LifCare was founded in 2015 by Krishna Killa and Rohit Mohta. While Krishna earlier worked with Bain Capital PE where he invested in healthcare and financial services, Rohit Mohta worked with Cipla.
Krishna said, “In the last two years, we’ve aimed to build a simpler and better pharmacy experience. We greatly value the confidence our investors have shown in our strategy and our commitment to build a sustainable subscription pharmacy. With this round, we’re excited to further expand our geographic footprint. We will also look to expand our suite of services to become a full-service disease management platform for chronic patients.”
Sandeep Singhal, MD & Co-founder, Nexus Venture Partners, said, “By focusing on patients’ need to manage their diseases, Lifcare is providing a unique value proposition in the medicine delivery market. The team has executed brilliantly over the last two years and we expect to see strong growth in the coming years.”