The round also saw the participation from some of the renowned investors including Anupam Mittal and Anand Mittal of People Group, head of Flipkart’s ads business Ravi Garikipati, Co-founder of Unicommerce Vibhu Garg, Singapore Angel Network and Konglo Ventures.
CareOnGo intends to use the funds to enhance its technology platform and expand e-distribution setup.
The firm has built an analytics platform called Pharmalytics that helps these pharmacies to study sales and gain insights, so as to effectively manage inventory. It also helps them profile customers. The round also saw participation from the US, Singapore and Muscat-based investors.
CareOnGo, a pharmacy aggregator app, has launched a partner app in February for its co-branded stores that will allow it to function as an e-distributor.
This app enables the pharmacy partners receive orders online, as well as helps them procure directly from manufacturers and super stockists. The company said that this is the first instance of a company turning to e-distribution in this space.
The concept behind our partner app is to help these pharmacies get back the major chunk of their business by extending their reach. We want to bring all these local entrepreneurs under the branded umbrella of CareOnGo thus bringing trust and standardisation in the supply chain through technology.”
This is also likely to prevent any counterfeit drugs reaching the pharmacies as they will source directly from the stockists or manufacturer. Launched six months ago, CareOnGo recently raised Rs 2 crore in an angel round from a consortium of investors led by Farooq Oomerbhoy.
The e-healthcare platform partners with local pharmacies who are well established and have been operating for over four years. It also conducts background checks on the where the pharmacies source their drugs from. A recent survey said that over 40 per cent of the medicines in the Indian market are counterfeit.