CareOnGo, a mobile chain of co-branded pharmacy stores, has raised $3,00,000 in its seed round from a consortium of investors, led by Farooq Oomerbhoy, one of the co-founders of the early stage fund – Orios Venture Partners. Along with Farooq, Raj Mishra of Indea Capital and Vineet Ganesh of Imperial India Investment has also participated in the round.
The newly raised funding will be used to increase the number of co-branded stores across Delhi, Bangalore, Kolkata, and Hyderabad with expansion to Mumbai, Chennai and 11 more cities.
Farooq Oomerbhoy said, “CareOnGo not only will help the existing pharmacies expand their reach, via technology, but also help them create a more accessible and an on-demand platform for procurement of authentic medicines benefitting the ecosystem as a whole.”
Founded by Aditya Kandoi, Ritu Singh and Yogesh Agarwal, it was formed to disrupt the pharmaceutical sales & supply chain by bringing the fragmented micro-pharmacies under a single umbrella brand.
It aims to become a centralised source of e-procurement by addressing the problem of authenticity and on demand inventory procurement for these pharmacies.
The startup allows the users to buy medicines on their mobile from their neighborhood approved pharmacies while providing additional advantage of finding substitutes, ordering generics, setting medicine reminders and archiving digital health records (prescriptions & invoices).
By building a network of micro-pharmacies, CareOnGo links with the inventory system of these pharmacies and using its data algorithms, it is able analyze varied trends and purchase patterns to provide a procurement platform for the micro-pharmacies.
Since its launch, the company has been growing at exponential rate and has established its position across many cities in India. The funding will be deployed primarily towards increasing the number of Co-branded stores to over 150 stores across the metro cities of Delhi, Bangalore, Kolkata, Hyderabad with expansion to Mumbai, Chennai and 11 more cities.
Commenting about this, Yogesh Agarwal, Co-founder of the company said that the online pharmacy platform has witnessed tremendous response so far with a 95 per cent increase in their month on month sales.
The company has also expanded their operations in terms of retail partners by increasing their footprint from 2 cities to eight cities in just over four months.
Other similar startups in this segment include Pluss, 1mg, Pharmeasy, MyMedisyn, etc.