[Funding alert] After MEngage, Singer Sukhbir Singh backs second Jaipur-based healthtech startup MEDdelivery
Healthtech startups are becoming a favourite of Indian Pop Star Sukhbir Singh as he makes a second investment in the sector in Jaipur-based startup MEDdelivery. Earlier in October 2019, Sukhbir had invested in MEngage.
Aastha Dusad, Co-founder and CEO, MEDdelivery said,
“With credit, data science, easy sourcing, and fast deliveries, we can give highest fulfilment rates, and want to become the primary channel for daily ordering, procurements, medical product discovery, and deliveries (around nine lakh retailers doing Rs 1.3 lakh crore business). The company plans to use the freshly raised funds for its product, technology, and geographical expansion.”
Launched in April 2019 by Aastha Dusad, Rohit Bafna, and Rahul Gautam, MEDdelivery is a B2B pharma-tech platform that organises and integrates commerce, logistics, and data across a single value chain for daily fulfilment of Indian retail pharmacies.
As a JIT supplier, the startup claims that it makes pharmacies capital efficient with just-in-time replenishment and data-driven reorder triggers, increasing their fulfilment rates from 90 percent to near 100 percent.
The startup said it is offering 4,00,000+ products and has transacted GMV of over Rs 5 crore by catering to small retail pharmacies in Jaipur, with a daily average order size of Rs 5,000 to Rs 15,000.
As per a report prepared by Assocham and research firm RNCOS, over 9,00,000+ small medical stores, which is a $372 billion market, are navigating the massively fragmented supply-chain for their daily procurements of medical supplies.
Sukhbir Singh added, “MEDdelivery is solving the problem of MSMEs in the pharmaceutical industry by becoming the technology procurement partner of retail pharmacies and helping them overcome the supply-chain inefficiency and improving overall accessibility in the Indian healthcare industry.”
Last year, Sukhbir started angel investments with Gurugram-based LQI, followed by Amritsar-based eBikeGo, Jaipur-based MEngage, Goa-based Real Learning, Noida-based Nukleus, and international music startup Flutin.
Startup Buddy, a Gurugram-based early-stage investor, was the advisor to this transaction.
(Edited by Suman Singh)