healthtech

Farmako, a Y Combinator-Backed Healthtech Startup, Raises $1.6 Million to Expand Medicine Delivery Operations

• ByStartupStory     |    August 12, 2024

Farmako, a Gurugram-based healthtech startup focused on quick medicine delivery, has successfully raised USD 1.6 million in a funding round led by existing investors and others, including 535 West Capital, Bayhouse Capital, Goodwater Capital, Unpopular Ventures, and Jude Gomila. This new capital injection will be used to further expand Farmako’s operations into Delhi and Gurugram, according to media reports.

Founded by Aman Bhandula, Kaishu Sahu, and Nikhil Kumar, college friends who came together to revolutionize healthcare delivery, Farmako originally started as an AI-powered electronic medical record (EMR) application designed to help doctors write digital prescriptions. However, after receiving support from Y Combinator in 2020 and again in March 2023, the startup pivoted to focus on quick medicine delivery—a move that has since garnered significant demand and success.

The decision to pivot came after the startup’s experimental phase in Gurugram, where it partnered with local pharmacy stores and Swiggy Genie to offer 30-minute medicine delivery services. The overwhelming response from users led to the decision to fully commit to this new direction.

Farmako now operates an AI-driven system that not only processes prescriptions but also ensures faster delivery of medicines. The company currently runs three pharmacies across Delhi, Gurugram, and Moradabad, completing over 16,000 deliveries within a month. Additionally, the startup’s annual gross order value has surpassed USD 1 million, according to media reports.

The co-founders are also eyeing further growth, as they are reportedly in discussions with potential investors to close a Series A funding round later this year.

Beyond quick medicine delivery, Farmako is making strides in the digital health sector by partnering with the government on a long-term EMR vision inspired by the Ayushman Bharat Digital Mission (ABDM) initiative. The startup has developed a health ID product and has successfully onboarded over 3.5 million health records.

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