Healthtech platform Pharmarack on Monday said it raised $3 million in Series-A round from IvyCap Ventures. Pharmarack also counts Unicorn India Ventures and Currae Healthtech Fund among its investors.
The Pune-based startup plans to use the funds to expand its network for pharma manufacturers and retailers.
The startup offers a plug-and-play platform for pharma manufacturers, distributors, and retailers to automate order-taking, and provides real-time visibility into operational information like inventory in the warehouse, outstanding payments, and credit, among others.
Speaking about the fundraise, Amit Backliwal, Co-founder and CEO, Pharmarack, said:
“Improving access to quality healthcare products by making them 100 percent available and at right prices is a critical mission for us. The next 18-24 months are very exciting for us as we scale all our offerings and footprint across the country”.
With this, IvyCap Ventures’ Founder Vikram Gupta will join Pharmarack’s Board.
“We believe that Pharmarack has built a strong foundation for its next phase of growth, and with this round of funding it should be on a path to achieve massive scale and create value," said Gupta.
According to IBEF, the healthcare market can increase three-fold to $133.44 billion by 2022. According to sources, at least 3 percent of this will be spent on technology, making it a multi-billion-dollar business in India.
India is also experiencing 22-25 percent growth in medical tourism, and the industry is expected to reach $9 billion by 2020.
There is a significant scope for enhancing healthcare services considering that healthcare spending as a percentage of Gross Domestic Product (GDP) is rising. The government’s expenditure on the health sector has grown to 1.4 percent in FY18 from 1.2 percent in FY14.
The Government of India is also planning to increase public health spending to 2.5 percent of the country’s GDP by 2025.
(Edited by Megha Reddy)