BENGALURU: Bessemer Venture Partners with participation from Orios Venture Partners, JM Financial, Manipal Education and Medical Group (MEMG) and Trifecta Capital has invested around 30 million dollars (approx. Rs 196 crore) in PharmEasy, an E-pharmacy platform, according to a recent media reports.
PharmEasy has raised the fund in Series-C round funding that will be used to scale up operations and technology and the idea is to build a full-stack model, wherein a patient, doctor and pharmacist can meet on one platform.
Talking about the use of the fund Dharmil Sheth, co-founder of PharmEasy told ET, “We will be primarily deploying the money in technology. It is about scaling and using tech to scale. More than 30% of our business is subscription. We are confident of scaling that up.” He further declined to confirm the size of the investment.
The daily has also reported that PharmEasy had raised around $17 million last year and has also piloted a free doctor consultation on the app in Kolkata and Delhi.
Saying that PharmEasy is looking to increase efficiency with its existing infrastructure, Vishal Gupta, MD, Bessemer Venture Partners told ET, “The fulls tack model allows them to give a different customer experience for chronic care patients. It allows access to consultation and best price for medicines on the platform.”