Home Retail Online pharmacy Pluss raises USD 1 million

    Online pharmacy Pluss raises USD 1 million

    By  
    SHARE

    , an on-demand hyperlocal delivery startup for medicines and healthcare products, has announced that it has raised USD1 million (Rs 6.65 crore) in pre-Series A funding from IDG Ventures India, Singapore’s M&S Partners and US-based Powerhouse Ventures.

    The Gurgaon-based startup plans to use the money to upgrade its technology infrastructure, expand the technology team and venture into five more cities, the company said in a statement.

    The startup began operations earlier this year. It is an on-demand delivery app where users can upload an image of their prescription and then select and order medicines. It also delivers baby care, pet care, personal wellness and daily essential products. The firm aims to deliver the orders within an hour.

    The company claims the app subscriber base has grown more than 50% month on month and has tripled in the last three months. The app order volume has grown four times since September with peak traffic of 500 orders per day.By the end of this year, the company plans to add more product categories including medical tests and surgical equipment.

    The drug retail market in highly fragmented in India, typically dominated by standalone chemists. However, the online pharmacy business has gained some interest from venture capital firms in recent times. In October this year, online pharmacy marketplace .com has secured Rs 324 crore (USD50 million) in funding from a clutch of investors led by healthcare-focused investment firm OrbiMed

    Myra Medicines, mChemist, Healthgenie, 1mgAyush.com, Deemark Health and Healthadda are some other players in this market.