[Funding alert] Akna Medical raises Rs 54 Cr from LGT Lightstone Aspada

Technology-enabled supply chain platform Aknamed increases transparency and optimises costs for both hospitals and manufacturers. Their product SmartBuy enables hospitals to transform their procurement into a strategic function which helps drive standardisation, reduce costs, and increases protocol adherence. 

LGT Lightstone Aspada invested $7 million (about Rs 54 crore) in Akna Medical, making it the sixth deal announced by the India-focused impact investment arm of LGT Lightstone over the last two months.

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Akna Medical will deploy $20 million over the next two years to scale up operations across the country and to deepen the technology and analytics offerings to hospitals and other healthcare institutions.

The Hyderabad-headquartered company is founded by Saurabh Pandey and Mahadevan Narayanamoni.

Akna's 360-degree solution encompasses the entire field force, product management and supply chain functions, together with customers. The team works in real-time by tracking products. By bringing brand owners, their field force, the distribution hubs and the customers onto a single technology platform, the startup provides visibility into the entire supply chain. This results in better planning, lower channel costs, and accurate revenue tracking.

“The healthcare value chain in India is primed for intervention through systemic changes and technological innovation. Our strategy is to back high-growth platforms like Akna Medical, which has the ability to leverage technology, transform supply chains and support delivery of healthcare outcomes at scale,” says Kartik Srivatsa, Managing Partner of LGT Lightstone Aspada, in a statement. 

In India, Akna Medical's clients include Max Healthcare, Fortis, Medanta and Cloudnine, as well as to smaller hospitals across the country.

The company also partners with leading manufacturers and pharmaceutical companies, including Pfizer, Sanofi, Braun, Bharat Serums, and Vaccines.

This is the sixth investment announcement by LGT Lightstone Aspada. The company has invested in Vogo Automotive, and affordable housing finance company Ummeed Housing Finance. It has also invested in Vivriti Capital, SmartCoin, and Arya.

(Edited by Kanishk Singh)