Company Name : CareOnGo
Funding Amount : Rs 2 crore
Investor(s) Farooq Oomerbhoy
Funding Round : Seed round
App based pharmacy aggregator CareOnGo has raised Rs 2 crore in seed funding led by Farooq Oomerbhoy.
The startup helps pharmacies with hyperlocal deliveries, thus improving the pharmacies’ supply chain. The startup was founded six months ago and is currently operational in Delhi-NCR, Hyderabad, Kolkata and Bangalore.
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 an efficient procurement platform for the micro-pharmacies.
The Bangalore based company claims that it has 38,000 registered users on the app and alongwith the commissions for lead generation, the app also generates 7 to 8% commission of the transaction value which is shared with the retailer.
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, “Procurement of genuine and authentic material has become a huge problem in the current retail pharma industry. CareOnGo, not only ensures timely delivery of authentic medicines to its end consumers but also ensures that CareOnGo pharmacy store has the right medicines in stock. We are the only player in the market empowering the local entrepreneurs to not only increase their reach but also streamline their processes and building a brand for these players.”