Indian healthtech firm Pharmarack to raise $13.7m by February

Healthtech startup Pharmarack announced it is in advanced talks with several investors to raise 1 billion rupees (US$13.7 million) in its series B funding round at an approximated pre-money valuation of about 3 billion rupees (US$41.1 million).

The India-based company told Tech in Asia that it plans to close a deal within a month.

Amit Backliwal, co-founder of Pharmarack /Photo credit: Pharmarack

Pharmarack offers software-as-a-service technology solutions to stakeholders of the healthcare and pharmaceutical industry. It provides an automated order-taking ecosystem, with access to distributors and real-time market insights. The app-based tool can also handle digital marketing services and supply chain financing.

Funds raised will be used to strengthen the company’s healthcare network and digitize its entire supply chain, it said in a statement. Amit Backliwal, co-founder of Pharmarack Technologies, said the company also plans to extend its market into different geographical locations.

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In September 2019, the healthtech startup raised US$3 million in its series A funding round from fund management firm IvyCap Ventures.

Pharmarack is on track to capitalize on India’s soaring retail pharmaceutical market, which is projected to hit US$59 billion by 2023. The healthtech startup competes with similar online ordering platforms such as GoGenie, among others.