LifCare, a healthcare startup which delivers medicines based on subscriptions, has announced that it has raised $1 million in a fresh seed funding round, which was led by angel investor Rajul Garg.
It will also use newly raised funding to set up dedicated warehouse for storage of medicines and target potential customers. It is planning to expand beyond Jaipur to other cities. The company will also enhance technology and expand its team.
Apart from Rajul Garg, other investors who participated in this round includes Kunal Shah, chief executive officer of Freecharge, Dheeraj Jain, partner at Redcliffe Capital, Alok Mittal former managing director of Cannan Partners, Mohan Lakhamraju, former managing director of Tiger Global and Rishi Mandawat, principal at Bain Capital.
Krishna Killa, co-founder of LifCare, said:
We intend to use the funds to go deeper into Jaipur and get product market fit completely solved in one city. We will look to expand in two other cities in next 2-3 months.
The startup currently has 45 employees and in the comin 2-3 months, it is planning to almost double its team in order to support company’s growth.
Founded in September 2015 by Krishna Killa, Rohit Mohla and Deepesh Rajpal, LifCare delivers medicines to subscribed customers. Customers need to call on the service centre number and then the company sends its pharmacist to the customer’s house who verifies the prescription of the doctor.
The medicines are delivered by the delivery boys, who are employed by the company. When registered, the customers are sent refills at constant intervals. The company has a pharmacist licence and procures medicines from distributors.
The company’s founder – Krishna said that they have more than 3,000 subscribers already. But, he didn’t disclose the number of orders generated on the platform on a monthly basis.
Unlike other online medicine delivery companies in India like Netmeds, Zigy, CareOnGo etc., LifCare onl focuses on chronic medicines instead of delivering medicines across all segment. Commenting about it, Krishna Killa said:
We believe this business model is much more scalable as compared to e-pharmacies which most of our peers operate. It assures high repeat usage as compared to acute medicine.
He further said that medicines is Rs. 1 trillion market of which, 50 percent of the market is currently comprised of chronic medicines.
