India-based pharmaceutical e-commerce platform Myra has raised between $7m and $8m in a round co-led by Times Internet, the internet services subsidiary of media company Times Group, Times of India has reported.
Venture capital firm Matrix Partners co-led the round, which included angel investors Pranay Chulet, Prashant Malik, Vamsi Duvvuri and Pankaj Gupta, according to the Economic Times.
Myra runs an online platform that sells prescription pharmaceuticals, taking more than 1,000 orders a day from a customer base of about 20,000 in the city of Bengaluru where it operates.
The company has obtained a drug licence and employs registered pharmacists in order to authenticate each prescription before it sends medicine to customers.
Miten Sampat, vice-president of corporate development for Times Internet, said: “Myra takes a high-frequency use case and makes it super easy for users to access a pharmacy digitally.”
The funding will be used to strengthen Myra’s technology and analytics base, and for geographical expansion, with Myra founder and CEO Faizan Aziz telling TOI it intends to move into the cities of Mumbai, Delhi, Hyderbad and Pune soon.
– Image courtesy of Myra