Aditya Hadi Pratama · · 1 min readEx-Careem, Dawaai execs’ e-pharmacy firm bags $11.5m
MedznMore, a Pakistan-based healthtech startup, has raised US$11.5 million in a pre-series A round from Integra Partners, Nunc Gestion, Atlas Group, Sturgeon Capital, and Alta Semper.
The deal, which the company said marks the largest investment in the country’s healthtech sector, pushed its total funding raised to date to more than US$14 million.
MedznMore team / Photo credit: MedznMore
Founded in 2020, MedznMore is an e-pharmacy platform that connects retail pharmacies with customers who want to buy medicines and wellness products. In a statement, the firm said it aims to address supply issues in Pakistan, where 25% to 40% of all medicine sold is either fake or has lost efficacy.
MedznMore has seven warehouses in three cities and plans to be present in nine cities by the end of the year. It currently delivers more than 100,000 products from its warehouses every day.
The company is founded by serial entrepreneur Babar Lakhani, former Careem general manager Asad Khan, and former Dawaai head of product Saad Khawar. MedznMore posted a 40% growth in revenue month over month over the past year and has more than 800 employees.
Other investors in this round include:
- Lakson Group
- Ace & Co
- AlTouq Group
- Key Family Partners
- Reflect Ventures
Editing by Miguel Cordon and Lorenzo Kyle Subido
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