Pharmacy aggregator CareOnGo raises angel round.
Hyderabad | By Payal Ganguly, ET Bureau | Feb 19, 2016, 08.23 AM IST.
Helping the corner pharmacy improve efficiencies, app-based pharmacy aggregator CareOnGo has raised Rs 2 crore in an angel round from a consortium of investors led by Farooq Oomerbhoy. The company which co-brands with standalone pharmacies for hyperlocal delivery of drugs and helps the pharmacies improve their supply chain.
“Most of the micro-pharmacies face stiff competition from the pharmacy chains. We help them with solutions such as inventor management, procurement through our network of super-stockists which also helps them avoid counterfeit medicines,” says Aditya Kandoi, co-founer of the portal which has been live for the last six months. The appcurrently has 38,000 registered users and is available in Delhi-NCR, Hyderabad, Kolkata and Bangalore.
Apart from commissions for lead generation, the app also generates 7 to 8% commission of the transaction value for sourcing which is shared between the company and retailer. The on-demand medicine space has new entrants in the market including Pluss and NetMeds which serves users through its network of pharmacies. However, presenting
“CareOnGo leverages inefficiency in the market to bring about transparency and efficiency pharmaceutical sales model,” said Farooq Oomerbhoy in a statement.