Medbikri Raises USD 650,000 in Pre-Seed Funding
Medbikri, a unique app-first inventory management solution, has announced that it has raised USD 650,000 in the pre-seed funding round. The pre-seed round was led by 3one4 Capital, other investors include Siddharth Ahluwalia (Founder, 100X Entrepreneur), Tej Kapoor (Managing Partner, IvyCap), Sanjeev Barnwal and Vidit Atrey (Founders, Meesho), Saurabh Agarwal and Manish Jethani (Co-Founders, Hevo Technologies), Rahul Sharma (Co-Founder, Zetwerk), Amit Damani (Founder, StayVista), and Viren Prasad Shetty (Executive Vice Chairman, Narayana Health), among others.
The Medbikri app, available to pharmacies across the country for free, allows them to update their inventory easily and simply by uploading photos of the purchase bills, record sales, and send e-invoices and prescription refill reminders to customers. The company will utilise the funding to build the team, develop the product further and scale the app across India. Medbikri aims to onboard 50,000 chemists / pharmacists, across UP, MP, Bihar, Jharkhand, Delhi and Karnataka, in the first six months.
Chushul Suri, Founder and CEO, Medbikri, said ‘’Historically in India, a pharmacy has been the first major touchpoint in a patient’s healthcare journey. Local pharmacists typically know the patients and their medical history, are trusted by them and are available within 5-10 minutes from their homes.
Medbikri aims to convert the pharmacies in to e-clinics, it will enable them to offer customers doctor consultations, diagnostic tests and other basic procedures. This benefits patients as they will no longer need to travel long distances and endure protracted wait times at faraway hospitals and clinics to get treated. We also plan to solve pharmacies’ working capital, GST and medicine procurement issues, in addition to giving them access to a new D2C brand supply.”
“Medbikri is solving the healthcare infrastructure problem for the lower-tier cities by taking an asset-light approach which makes it viable as well as scalable. The team has showcased superb execution and knowhow of the Indian SMBs and we are super excited to be a part of this journey,” said Anurag Ramdasan, Partner at 3one4 Capital.
Medbikri is the first Indian app-led pharma inventory management solution, where pharmacists can update their inventory through photos of bills, reducing the process time from one hour to under 15 minutes, with the help of built-in tools such as billing, GST support, inventory management and pharma-specific CRM.
The app also facilitates voice-based addition of new sales, reducing the time taken to generate a bill to under 30 seconds. Pharmacists can reduce their paper usage as the app generates digital bills which can be sent to customers over WhatsApp and SMS. The app sends advance alerts to pharmacists for low stock and expiring medicines. By helping pharmacies and chemist shops reduce stockouts, easily manage inventory and track patients, Medbikri helps them save anywhere from INR 3,000 per store per month, or more.
In addition, the app helps pharmacies to develop long-term relationships with customers by tracking prescriptions for ailments, especially chronic ones, and refilling them when required. This benefits patients as they don’t need to remember when their prescription runs out. The pharmacy tracks the prescription, sends refill reminders to the customers, confirms the orders, and even gets them home delivered.
Medbikri is already running e-clinics at select pharmacies across India. In 2023, the company plans to open 10,000+ e-clinics across the country, including at select pharmacies in Lucknow.. The app has already helped to sell 25L+ medicines, including 30K+ unique medicines, and in issuing 1.5Lakh+ prescriptions, including 40K+ chronic patient prescriptions.
For more information, visit: https://www.medbikri.com/