Indian pharmacy chain Generico has secured a Series-B round of funding led by venture capital firm Lightbox Ventures. The company runs a network of offline pharmacies selling generic drugs exclusively.
The Series-B funding round has also seen participation from its existing investors, Tomorrow Capital and Whiteboard Capital
Generico was founded by Siddharth Gadia and Girish Agarwal in 2017. Currently, the firm has about 40 pharmacy stores in Mumbai from where it sells medicines. Apart from being a retailer, Generico is aiming to offer health awareness camps, self-help groups, and counselling to patients.
The fresh capital will be used by the pharmacy chain to build up to 150 stores in the next two years. Generico will also utilize the funds to boost its capabilities in supply chain management and data science, while catering to middle-income families in urban areas.
Sandeep Murthy, Managing Partner of Lightbox, said, “Today, a pharmacy has become more of a dispensary. The crux of the problem is how do you manage chronic diseases, and manage health in a way that you address it proactively, not only when you are sick.”
“Generico wants to use the trust you have with patients by selling medicines and help them manage overall health. It wants to build out services and plug-in yoga classes, meditation, walking groups, etc, and wants to be resource patients can engage with,” he added.
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