[Funding alert] Online Pharmacy TABLT raises $3M in Series A round from Siti Cable
TABLT (previously known as Sabse Sasta Dukaan), a Bharat focussed Online Pharmacy which deals in medicines and healthcare products has raised $3 million in a Series A round from Siti Cable, a unit of Siti Network.
According to the official statement, the capital will majorly be used by the brand for boosting its business development activities, driving its growth plans, and upscaling its marketing strategies so as to have a competitive edge and maintain its leading position in the market.
Established in 2018, TABLT has gained prominence over the years and is known for its USP of one-day delivery of medicines in the Bharat Market. It provides its services in semi-Urban and rural areas in the states of West Bengal, Bihar, Jharkhand and Odisha.
Elucidating about securing the required financial assistance from Siti Group, Anish Agarwal, CEO, TABLT, said,
“We are elated to have associated with Siti Group and thank them for believing in our vision. We will be utilising the investment to bolster our expansion plans and improve our business acquisition and development activities so as to ensure that we are always at the forefront of the industry in the markets that we are present in or are planning to foray into.
Siti Group as a brand has been a pioneer in the Indian media industry and has a good presence in semi-urban and rural markets which is our key targeted area. Apart from the monetary terms, we are also aiming at having powerful synergies with the group in the times ahead.”
Commenting on the investment, Suresh Sethiya, Director, Siti Cable added,
“Bharat market is still untapped as far as online pharmacies are concerned. I believe that TABLT Pharmacy has the potential to grow significantly and occupy a major share in the coming years. The huge market they are present in and their enthusiastic founding team is what attracted us and made us agree to this collaboration. We saw huge potential in them and this nudged us to sign the deal ”.
The startup confirmed that it is planning to raise an additional amount of Rs 20 crores in the next three months. The firm is already in discussions with some industry giants but prefers not to divulge the details explicitly until the deal will be sealed.
TABLT’s previous investors include key names such as Vinod Dugar from RDB Group, Raj Patodia from Signum Group, Sunil Singhvi from South Handlooms, along with Manoj Mehta from MTC Group, Gunavanth Vaid from 4G Capital, Aniket Gore from Ceramet group, and Kumar Subramanium, a Global Banker.