Mumbai Angels has made an investment in AIOCD Pharmasofttech AWACS Pvt Ltd, which engaged in creating an electronic infrastructure across 5.5 lakh pharmaceutical retailers & wholesalers across the country. The deal is the first investment from Mumbai Angels this year.
Though the valuation and size of investment is not disclosed, VCCircle has learnt that it could be in the range of Rs 2 crore. Mumbai Angels will also hold two board seats in the company. The electronic data exchange platform of the company targets reduction of data entry errors and shortages, cutting inventory across the chain, computerisation in retail, tracking expiry and spurious drugs.
It will also come out with market research products in sales, marketing and new molecule research. The company is already in an operational phase with two of its products being subscribed by most of the top 20 companies in pharma sector.
Headed by Jagannath Shinde, other senior team members of the company include Dr. Shamsheer Shaikh and Ameesh Masurekar with diverse experience in pharma. Masurekar has over a decade of experience with stints in Eli Lilly, Piramal Healthcare & Panacea Biotec.
“With our experience in the pharma industry, we found that there is lack of data in pharma. A lot of utilities are built into our product such as supply chain management, digitisation of records and ways to reduce loss of inventory," said Amreesh Maskrukesar, one of the founding team members. The company, which counts Dr Reddy's, Sun Pharma and Lupin Labs as some of its clients, is targeting revenue of Rs 10-15 crore in the next financial year, he added.
Mumbai Angels have earlier invested in companies like mKhoj, a mobile search firm, Madhouse.in, a DVD rental company (which it exited when the company was sold to Seventymm.com), and NetElixir, a US-based pay-per-click search marketing firm.