India-based healthcare e-commerce platform PharmEasy has received “around” $30m in a series C round that included education provider Manipal Education and Medical Group, the Economic Times has reported, citing undisclosed sources.
Venture capital firm Bessemer Venture Partners led the round, which also featured venture capital fund Orios Venture Partners, investment banking firm JM Financial and venture debt provider Trifecta Capital.
PharmEasy has formed an online platform where users can access products such as over-the-counter medicines or diagnostic tests which are delivered to their homes. The company is also testing an on-demand doctor consultation service in two cities.
Co-founder Dharmil Sheth did not confirm the size of the round but told ET: “We will be primarily deploying the money in technology. It is about scaling and using tech to scale. More than 30% of our business is subscription. We are confident of scaling that up.”
The company initially raised $5m in series A funding from healthcare supply chain services firm Ascent Health And Wellness Solutions, insurance provider Medi Assist Healthcare Services, Bessemer Venture Partners, Aarin Capital, Astarc Ventures and Orios Venture Partners in 2016.
Ascent, Bessemer, Orios, Astarc, Trifecta and private investors Shivanand, Laxmi and Kedar Mankekar supplied another $18m for PharmEasy in a series B round that closed in April 2017, according to VCCircle.