Specialty Pharmacy Platform MrMed Raises $500,000 From Tamil Nadu Emerging Sector Seed Fund
Online super-specialty pharmacy platform MrMed has raised funding of $500,000 from the Tamil Nadu Emerging Sector Seed Fund (TNESSF). The funding round also saw participation from angels from BEEJ Network and Vish Entrepreneurs LLP.
Managed by Tamil Nadu Infrastructure Fund Management Corporation Limited, TNESSF is a seed fund initiated by the Government of Tamil Nadu that aims to empower startups and ventures in emerging sectors.
As per the startup, the freshly raised funds will be utilized for marketing initiatives and expanding the team. Part of the funding will also be used for exploring new ventures within the pharma supply chain and healthcare service provider sectors.
MrMed | Online Super-specialty Pharmacy Platform
Co-founded by Devashish Singh and Saurab Jain in 2021, MrMed is an online super-specialty pharmacy platform focused on addressing the challenges in the timely availability and affordability of specialty medicines for critical conditions such as kidney diseases, heart disorders, cancer, HIV/AIDS, and transplants.
Speaking about the development, Devashish Singh, co-founder of MrMed, said,
“We are quite excited about the fundraise and are looking to utilize the funds for customer acquisition and team growth. While we are a frugal company, we recognize the challenges in the B2C domain.”
MrMed started its operations in 2021 to remove the stigma associated with specialty medicine prices and ensure timely access to affordable medicines. Since its inception, the pharmacy platform claims to have served over 50,000 users across 2,000 cities in India. Additionally, MrMed also claims to have recorded an annual recurring revenue of over ₹26 crore as of July 2023.
As per Devashish, MrMed is operating with the objective of establishing a profitable yet scalable brand in the super specialty healthcare space, ensuring the same level of customer service and operational excellence.
Commenting on the development, Shanmugapraveen, Tamil Nadu Emerging Sector Seed Fund, said,
“MrMedis, an impactful venture in healthcare by making specialty treatments more affordable and bringing pricing transparency through their digital platform. We are delighted to partner with MrMed on their growth journey.”
In June 2023, Hyderabad-based healthtech startup Karma Primary Healthcare raised an undisclosed amount in a Series A funding round. Also, in May 2023, THB (Technology l Healthcare l Big Data Analytics) raised $20 Mn in funding in a growth equity round.
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