[Funding Alert] Hyderabad-based Digi-Prex raises $5.5 M from Khosla Ventures and others from YC Demo Day
During the two-day event, Digi-Prex also secured $150,000 from the Silicon Valley-based accelerator and pitched to many investors for funding in the company.
Hyderabad-based Digi-Prex, a healthtech startup has raised $5.5 million in its seed round of funding, led by Khosla Ventures. Founded by Samarth Sindhi in 2019, a mechanical engineering graduate from Brown University, the startup was shortlisted for Y Combinator's Demo Day in August 2019.
During the two-day event, Digi-Prex also secured $150,000 from the Silicon Valley-based accelerator. Samarth was also able to bag interest from investors like Vedanta Capital, Justin Mateen (Founder of Tinder), SV Angel, Liquid 2 Ventures and Pioneer Fund.
The Hyderabad-based startup, with this fundraise, intends to further expand its presence in 10 other cities in India.
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Digi-Prex is an online subscription pharmacy for patients with chronic diseases like diabetes, heart and kidney diseases in India. The patients pay a subscription fee on a monthly basis and get access to discounted medicines, delivered to their homes. The product also offers a customised experience to help the patients manage and monitor their condition.
Speaking with YourStory, Samarth said,
"We take a novel approach of having personalised interactions with each client as opposed to providing an 'Amazon' for medicines like other online Indian pharmacies. Our prices are also significantly lower than the traditional brick and mortar pharmacies."
Under the value proposition of being a personalised pharmacy, the startup claims to be offering medicines 15 percent cheaper, as compared to buying from a neighborhood pharmacy. The platform sends automatic reminders that allows patients to plan their medication cycles, avoiding the risk of running out of medicines.
The healthcare market, which is currently booming in India, is expected to grow to $372 billion by 2022. While Practo, NetMeds, 1mg, PharmEasy are the other players in the medication delivery space, Samarth says, his startup differs with its personalisation element.
Other Indian startups that made the cut at the YC Demo Day were Wingman, Lokal, Khabri, Nonu, GreenTiger, Binks, Mela, Vahan and MyPetrolPump.
(Edited by Suman Singh)