Indian Startup Pharmarack Plans at Raising $2 Million from Multiple Investors
The Pune based firm Pharmarack Technologies Pvt Ltd is optimistic about landing a $2 million in venture capital to support the development of an online order and inventory management system for pharmacies in India.
Pharmarack provides an application that is based on the principle of using Software as a service (SaaS) for the convenience of Pharma retailers and distributors. It is used for automated processing of orders and inventory management for Pharma retailers and distributors.
This is a pre-series A funding and is aimed at helping the company’s development in more and more cities and also the enhancement of its product development and technology capabilities.
The CEO of Pharmarack, Pradymun Singh said that the current investors are expected to help the company to raise $2 million within a couple of months.
“While the existing investors have agreed to put in a part of the targeted amount, we are also in talks with a few marquee venture capital firms. We expect to close the round by the end of June,” said Singh.
Singh added that the companies in the Pharma sector manufacture drugs and send them out into the market after which they have no knowledge of what happens to those drugs. Singh said that using Pharmarack’s application, drug manufacturers can be sure about the inventory available with their warehouses and distributors and use the information to set their production targets. Pharmarack offers its software to the Pharma industry as a way of keeping track of their products on web or mobile.
“We have created an ecosystem which is a go-to platform for the participants of the pharmaceutical supply chain,” said Singh.
In February this year, Pharmarack secured $280,000 (₹1.87 crore) in seed funding from Mumbai-based early stage venture capital firm Unicorn India Ventures and an undisclosed family office based out of Mumbai. The funds were primarily used for product development and scaling up operations.
Pharmarack was founded in 2015 and is currently present in 10 cities including Mumbai, Pune, Thane and Nashik. An average of 4000 orders per day with an average ticket size of ₹3000 are processed through Pharmarack. Pharmarack’s goal is to cover 35 cities by the end of this year and 75 cities by March 2017.
Featured Image: Fast Moving Business World © Solarseven (Stock Photo ID: 91636130)