Ahmedabad based affordable medicine startup raises Rs 40 crore
Medkart is a leading chain of WHO GMP-certified generic medicines in India. The company has a network of 75 stores in Gujarat and Rajasthan.
In the Series A Round of funding, Ahmedabad-based start-up, Medkart has raised Rs 40 crore. The start-up is into retailing affordable medicines. Alkemi Growth Capital and Insitor Partners had co-led the funding round with the participation of angel investors.
Medkart is a leading chain of WHO GMP-certified generic medicines in India. The company has a network of 75 stores in Gujarat and Rajasthan. Founded in 2014, Medkart has remained boot-strapped till now. However, with the recently raised funds, the startup has planned to go aggressive with its expansion plans into other markets.
Ankur Aggarwal, co-founder, Medkart, said that the company has plan to foray into 200 smaller towns of Gujarat and Rajasthan. It will help the startup to set foot in other markets. Medkart also has an online presence in the form of App and also plans to strengthen its online presence. It will be giving its customers an omnichannel experience by integrating with online and retail platforms.