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Pune-based startup Pharmarack raises $3Mn in a Series A funding

Author : Pankaj Singh | Published Date : 2019-09-23 

For the past few years, many technology trends are emerging and finding a rewarding acceptance by the healthcare community. Increased use of technology is improving operational excellence of pharmaceutical supply chains. Many startups in India have also started raising funds to develop cutting edge services and products for the pharmaceutical sector.

Pune-based healthcare tech firm, Pharmarack Technologies is one such startup that has reportedly made headlines by raising $3 million in a Series A funding round led by IvyCap Ventures, one of India’s leading venture capital firms.

As per reports, Pharmarack plans to use these funds to expand its network as well as its product offerings in the healthcare sector. Moreover, Amit Backliwal, the firm’s Co-founder and CEO, claims that giving access to exceptional healthcare products by making them 100% available at right prices in right pharmacies is their company’s key mission.

He also claims that the next 18-24 months are exciting for their company as it will be offering products across the country.

According to reports, IvyCap Ventures’ Managing Partner and Founder Vikram Gupta will be joining Pharmarack’s board. Gupta claims that Pharmarack has built a strong foundation for gaining growth in the future, and with this funding, it will further be on a path for creating value and achieving massive gains.

For the record, Pharmarack delivers a subscription-based SaaS solution and develops a network of pharma supply chain participants including distributors, retailers and pharma manufacturers. The company delivers real-time operational information regarding inventory in the warehouse, credit and outstanding payment.

The firm’s suit enables pharma supply companies to track collections, market insights, procurement, returns and order management for distributors as well as retailers. Moreover, as of 2016, the company claims that it processes monthly INR 50 Cr worth of transactions and has 6500 retailers.

Source credit - https://tech.economictimes.indiatimes.com/news/startups/pharmarack-raises-3-million-in-a-series-a-funding/71248291

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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