Ratan Tata-backed Generic Aadhaar receives funding from Japanese firm Beyond Next Ventures
- ByStartupStory | August 1, 2022
Generic Aadhaar, a pharmaceutical startup has received an undisclosed investment in its current Pre-Series A fundraising round from Japanese venture capital firm Beyond Next Ventures. The startup’s post-money valuation after this round is Rs 500 Cr.
The additional funding would be used by Generic Aadhaar to increase the number of its franchise stores in India to 3000. The startup will also make investments in expanding its product line and its digitization strategy.
Arjun Deshpande, founder and CEO of Generic Aadhaar said, “The funds, whose deployment we want to complete over the next eight months, will enable us to expand more quickly and have a bigger effect by addressing the problem of drug shortages in urban, Tier-2, and Tier-3 areas across India. We want to complete Series-A financing in the next 8 to 12 months after receiving an incredible reaction from our clients.”
Deshpande founded Generic Aadhaar at the age of sixteen to offer generic medications that are up to 80% less expensive than branded medications now on the market. Additionally, generic medications can be sold on the market without middlemen or additional research. The firm offers up to 40% profit to shop owners by selling its items directly to customers through franchise-owned stores.
About Generic Aadhaar
Deshpande founded the Mumbai-based firm in 2018, which distributes generic medications through a network of franchisees. Franchise operators can also use the programme for inventory and billing. Competition in the pharmaceutical sector comes from companies like Truemeds and Dava India.
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