Funding Alert

Pre-seed funding for Medbikri totals $650,000

• ByStartupStory     |    January 9, 2023

It has been revealed that Medbikri, a novel app-first inventory management solution, has raised US$ 650,000 in a pre-seed fundraising round.

Pre-seed funding was led by 3one4 Capital, which was joined by other investors such as Siddharth Ahluwalia, founder of 100X Entrepreneur, Tej Kapoor, managing partner at IvyCap, Sanjeev Barnwal and Vidit Atrey, founders of Meesho, Saurabh Agarwal and Manish Jethani, co-founders of Hevo Technologies, Rahul Sharma, co-founder of Zetwerk, Amit Damani, Founder, Stayvista, and Viren Prasad Shetty (Executive Vice Chairman, Narayana Health), among others.

Pharmacies all around the country may update their inventory quickly and easily using the Medbikri app by uploading pictures of the purchase receipts, tracking sales, and sending e-invoices and prescription refill reminders to consumers.

The company will use the investment to expand across India, grow the team, and further enhance the product. In the first six months, Medbikri hopes to onboard 50,000 pharmacists and/or chemists in the following states: UP, MP, Bihar, Jharkhand, Delhi, and Karnataka.

“Historically in India, a pharmacy has been the first significant touchpoint in a patient’s healthcare journey,” stated Chushul Suri, founder and CEO of Medbikri. Patients often trust local pharmacists since they are close to their homes, know them and their medical histories, and can be reached in 5 to 10 minutes.

The conversion of pharmacies into e-clinics by Medbikri will allow them to provide patients with doctor consultations, diagnostic tests, and other routine operations. Patients will gain from not having to undergo long journeys and painful procedures as a result of this.

“We also plan to solve pharmacies’ working capital, GST and medicine procurement issues, in addition to giving them access to a new D2C brand supply. Medbikri is solving the healthcare infrastructure problem for the lower-tier cities by taking an asset-light approach which makes it viable as well as scalable. The team has showcased superb execution and knowhow of the Indian SMBs and we are super excited to be a part of this journey,” said Anurag Ramdasan, partner at 3one4 Capital.

With the aid of built-in tools like billing, GST support, inventory management, and pharma-specific CRM, Medbikri is the first app-led pharma inventory management solution in India. Pharmacists can update their inventory through photos of bills, cutting the process time from one hour to under 15 minutes.

The app also enables voice-based new sale addition, cutting the bill generation time to under 30 seconds. Because the programme generates digital bills that can be distributed to consumers via WhatsApp and SMS, pharmacies may use less paper. Pharmacists can use the app to receive alerts before drugs run out or are about to expire. Medbikri assists pharmacies and chemist shops in making savings of up to Rs 3,000 by assisting them to manage inventory more simply and track patients.

The software also aids pharmacies in fostering long-lasting relationships with consumers by monitoring medicines for illnesses, particularly chronic ones, and refilling them as needed. Patients benefit from not having to keep track of when their medication expires. The pharmacy monitors the prescription, notifies consumers when it’s time for a refill, verifies the orders, and even arranges for home delivery.

In several pharmacies across India, Medbikri already operates online clinics. The business intends to launch 10,000+ e-clinics nationwide in 2023, including a few in Lucknow. The app has already assisted in the sale of over 25 lakh pharmaceuticals, including over 30 thousand unique medications, and in the issuance of over 1.5 lakh prescriptions, including over 40 thousand for chronic patients.

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