Pharmarack, a healthcare-technology platform that lets businesses automate sales and operations, has raised $3 million (Rs 21.3 crore at current exchange rate) in a Series A funding round from Mumbai-based IvyCap Ventures.
The platform, owned by Pharmarack Technologies Pvt. Ltd, said in a statement it plans to use the funding to expand its network and broaden its portfolio of product offerings in the larger healthcare sector.
As part of the investment, IvyCap Ventures founder and managing partner Vikram Gupta will join Pharmarack’s board.
Company co-founder and chief executive officer Amit Backliwal said the Pune-based startup was also aiming to expand its footprint across the country. “Improving access to quality healthcare products by making them 100% available and at right prices to the right pharmacies is a critical mission for us,” Backliwal said.
According to its website, Pharmarack allows clients to automate their pharmaceutical sales and operations processes. Its platform allows businesses to process, track and settle orders.
The startup was founded in 2015. In September 2016, it raised Rs 5 crore ($745,000) in its pre-Series A round of funding from the Patni Group’s Currae Healthtech Fund and Unicorn India Ventures; the latter had taken part in a $280,000 funding round in the company.
IvyCap Ventures was founded in 2011 by Gupta, and says it focuses on an entrepreneur-centric investment approach, with an emphasis on sectors such as consumer, healthcare, enterprise technology, financial technology and emerging technology.
It operates at least two funds, with companies in its portfolio including BiryaniByKilo, Clovia, Vinculum, GrabOnRent, and BlueStone.
Deals in the healthcare-technology segment
Investment activity in the health-tech segment has been strong as startups seek to differentiate themselves by addressing gaps in traditional healthcare models as well as offering frontier technology-based solutions.
Earlier this month, Meddo, a startup that integrates physical and online services, raised $3 million (about Rs 21.53 crore) in a pre-Series A funding round led by Philadelphia- and Hyderabad-based SRI Capital. Similarly, PlusPin Healthcare raised Rs 5.25 crore ($708,720) in its seed round of funding from a clutch of investors from the Indian Angel Network (IAN) including former Google India head Rajan Anandan.
In July, HealthAssure Pvt. Ltd, an online aggregator of primary healthcare services, secured $2.5 million (Rs 17.15 crore) from early-stage venture capital firm Blume Ventures in its Series A round of funding.
