Ex-Igate CEO Phaneesh Murthy’s Online Pharmacy Looks To Raise $10mn

Former Igate CEO Phaneesh Murthy’s new online pharmacy marketplace – PM Health and Life Care, is looking to raise $10 million in funding.
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Murthy’s venture capital firm PM Ventures will invest $2 million in the firm, while other investors include Tiger Ramesh and Ramesh Mengawade, who’ve invested $1 milllion.
The online pharmacy marketplace will make its debut in September this year, and will deliver drugs across 10 cities initially within committed delivery timelines.
The Indian pharma retail market is estimated to be worth $56 billion, out of which unorganized players’ account for over 95% of the market.
Given the recent growth of online shopping in India, along with the dearth of large trusted players in the market, PM Health and Life Care is looking to disrupt the Indian pharma market for good.
[Source: Times Of India]

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