The Tamil Nadu Emerging Sector Seed Fund (TNESSF) announced an investment of $500,000 for MrMed, a speciality pharmacy, on Wednesday.
The healthcare system in India combines public, private, traditional medicine, and nonprofit organisations.
Delivering any services requires the presence of physical infrastructure, such as hospitals, district health centres, primary health centres, and community health centres.
The Indian healthcare industry is being driven by the development of telemedicine, government programmes like e-health, tax advantages, and incentives.
Tamil Nadu Infrastructure Fund Management Corporation Limited oversees TNESSF. TNESSF received money from angels from the BEEJ Network and Vish Entrepreneurs LLP as well.
The money will be used for marketing campaigns, team growth, and the exploration of new business opportunities in the healthcare service provider and pharmaceutical supply chain sectors.
As of July 31st, 2023, MrMed recorded an Annual Recurring Revenue (ARR) of over Rs 26 crore.
Devashish Singh, co-founder, Mr. Med, said in a statement, “We are quite excited about the fundraising and are looking to utilise the funds for customer acquisition and team growth. While we are a frugal company, we recognise the challenges in the B2C domain.” He adds, “Our objective is to establish a profitable yet scalable brand in the super speciality healthcare space, ensuring the same level of customer service and operational excellence.”
Shanmugapraveen from Tamil Nadu Emerging Sector Seed Fund, said in a statement, “MrMed is an impactful venture in healthcare by making speciality treatments more affordable and bringing pricing transparency through their digital platform. We are delighted to partner with MrMed on their growth journey.”
