CareOnGo , a mobile chain of co-branded pharmacy stores, has raised $300,000 in its seed round from a consortium of investors led by Farooq Oomerbhoy, one of the co-founders of the early stage fund – Orios Venture Partners. Raj Mishra of Indea Capital and Vineet Ganesh of Imperial India Investment also participated in the round. Established by Aditya Kandoi, Ritu Singh and Yogesh Agarwal, it was formed to disrupt the pharmaceutical sales & supply chain by bringing the fragmented micro-pharmacies a single umbrella brand.
CareOnGo allows the users to buy medicines on their mobile from their neighborhood approved pharmacies while providing additional advantage of finding substitutes, ordering generics, setting medicine reminders and archiving digital health records (prescriptions & invoices).
By building a network of micro-pharmacies, CareOnGo links with the inventory system of these pharmacies and using its data algorithms, it is able analyze varied trends and purchase patterns to provide a procurement platform for the micro-pharmacies.
Since its launch, CareOnGo has been growing at exponential rate and has established its position across many cities in India. The funding will be deployed primarily towards increasing the number of Co-branded stores to over 150 stores across the metro cities of Delhi, Bangalore, Kolkata, Hyderabad with expansion to Mumbai, Chennai and 11 more cities.
Yogesh Agarwal, Co-founder said the online pharmacy platform has witnessed tremendous response so far with a 95 per cent increase in their month on month sales. They have also expanded their operations in terms of retail partners by increasing their footprint from 2 cities to eight cities in just over four months.