LifCare, a Jaipur based subscription pharmacy which focuses on chronic illnesses, said it has raised $1 million in seed capital in a round led by Rajul Garg, a former IIT graduate and director of Sunstone Business School.
“LifCare has a fresh approach beyond chemists and epharmacies that exist in India. I especially like how patient care is at the centre of how they serve their subscribers,” said Garg. The other investors included Alok Mittal, former India chief of Canaan Partners; Rishi Mandawat, principal at Bain Capital; Dheeraj Jain, partner at Redcliffe Capital and Kunal Shah, CEO of FreeCharge.
The funds will be used to expand beyond Jaipur to other cities, set up dedicated warehouses for storage of medicines and target a growing number of potential consumers.
“Right now we are less than 1% of the marketplace; we are aiming to become 10% of the marketplace,” said Krishna Killa, founder of LifCare.in. The company, founded by Killa along with Rohit Mohta and Deepesh Rajpal, currently has a 40-member team.
According to the startup, the patients register with it with their medicine list and prescriptions, after which the pharmacists manage everything from refills to ensuring adherence ratios and educating patients on how to better manage their chronic diseases.
The company said it packages the medicines in a way that enables the end user to understand the consumption patterns, besides providing doorstep delivery at regular intervals when the patients finish their supply.
Source: The Economic Times