CareOnGo, India’s mobile chain of co-branded pharmacy stores, has raised $300,000 in its seed round of funding from a consortium of investors led by Farooq Oomerbhoy, who was one of the co-founders of the early stage fund – Orios Venture Partners. Raj Mishra of Indea Capital and Vineet Ganesh of Imperial India Investment also participated in the round.
The funding will be deployed primarily towards increasing the number of Co-branded stores to over 150 stores across the metro cities of Delhi, Bangalore, Kolkata, Hyderabad with expansion to Mumbai, Chennai and 11 more cities.
Established in September 2015 by Aditya Kandoi, Ritu Singh and Yogesh Agarwal, CareOnGo empowers the users to buy medicines on their mobile from their neighborhood approved pharmacies while providing additional advantage of finding substitutes, ordering generics, setting medicine reminders and archiving digital health records (prescriptions & invoices).
By building a network of micro-pharmacies, the startup links with the inventory system of these pharmacies and using its data algorithms, it is able analyze varied trends and purchase patterns to provide an efficient procurement platform for the micro-pharmacies.
The online pharmacy platform claims that it has witnessed better response so far with a 95% increase in their month on month sales. They have also expanded their operations in terms of retail partners by increasing their footprint from 2 cities to eight cities in just over four months. Its app is available for Android users.