Mumbai-based retail pharmacy chain Wellness Forever Medicare Pvt Ltd has raised Rs 20 crore ($3.4 million) from a consortium of high net-worth individuals (HNIs) and family offices led by Rajiv Dadlani Group, as per a company release.
Other investors include Amit Patni (son of Gajendra Patni, one of the co-founders of Patni Computers which was acquired by iGate) through his investment firm RAAY Global Investments, Thakral family (Singapore) and Allana Group (Middle-East). The promoters have also participated by investing further in this round.
Rajiv Dadlani, an active investor in early and mid-stage companies, said, “Wellness Forever has swiftly expanded its footprint in Maharashtra and is growing its sales and profits at 35-40 per cent CAGR with plans to expand its presence to 1,000 retail outlets pan-India in five to seven years.”
Dadlani is joining the board of directors of the company representing the set of investors whereas Amit Patni will be an observer on the board.
The funding will be used to set up a warehousing and logistics facility in Bhiwandi for pharma, lifestyle, wellness and FMCG products.
Ashraf Biran, co-founder and director (operations) of Wellness Forever, said, “We believe pharmacies are much more than just a medical shop affecting patients in need of care and medication.”
Founded in 2008, Wellness Forever currently has a chain of 70 lifestyle pharmacies and wellness stores operating in Mumbai, Pune, Nashik, Belgaum and the rest of Maharashtra. It aims to grow to over 100 outlets over 12 months.
The firm operates under three formats- retail pharmacies, hospital pharmacies and managed franchises. It is expecting revenue of Rs 400 crore this year.
It is also planning to launch an online sales channel through an e-com venture.
The pharmacy business is highly fragmented in the country with millions of standalone chemists. However, some firms have scaled up to become organised sector chains.
Large players include MedPlus, Apollo Pharmacy, Religare Wellness and Guardian. MedPlus and Guardian are PE-backed ventures.
(Edited by Joby Puthuparampil Johnson)