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Matrix Partners and Times Internet back pharmacy app Myra Medicines

26 April, 2017

Bangalore-based Metarain Software Solutions Pvt Ltd, which runs pharmacy app Myra Medicines, has raised an undisclosed amount in a Series A round of funding co-led by investment firm Matrix Partners India and media company Times Internet, a company statement said.

The round also saw participation from angel investors Pranay Chulet, co-founder and chief executive of Quikr, Prashant Malik, co-founder and chief technology officer of LimeRoad, Vamsi Duvvuri, associate director at Vy Capital, and Pankaj Gupta, former director of product at Twitter, the press note added.

The startup, which currently operates only in Bangalore, will use the funds to expand into other cities, Faizan Aziz, founder and chief executive of Myra, told VCCircle.

Myra had previously raised an undisclosed amount of seed funding led by Matrix Partners India.

The startup was founded in January 2013 by engineers Aziz and Anirudh Coontoor. Prior to founding Myra, Aziz was chief technology officer at startup Dexetra, which developed a Siri-like voice assistant app for Android, while Coontoor was a software engineer at Nokia.

Recent deals in the e-pharmacy space include Mumbai-based PharmEasy, which on Tuesday topped up its Series B round with an additional $2 million (Rs 12.8 crore), taking the total funding raised in the round to $18 million.

In February, another Mumbai-based pharmacy startup Reap, which runs a business-to-business app, secured seed funding from FreeCharge founders Kunal Shah and Sandeep Tandon, Chaayos co-founder and chief executive Nitin Saluja and Thinklabs founder Gagan Goyal.

In December 2016, online drug marketplace 1mg, one of the most well-funded pharmacy startups in the country, acquired online hospital MediAngels, further consolidating its position in the online healthcare space.

In November 2016, Aermed, a full-service pharmacy and lab aggregator with a focus on chronic patients, raised seed funding from angel investors led by Hitesh Windlass, chief executive of Windlas Healthcare.

In October 2016, online pharmacy Netmeds.com, another well-funded player, was in talks to acquire Pluss, a hyperlocal drugs delivery startup. The firm was also reportedly close to raising a Series B round of investment in order to diversify into the B2B segment.

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Matrix Partners and Times Internet back pharmacy app Myra Medicines

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