Aermed, an online pharmacy and lab aggregator, has announced that it has raised an undisclosed amount of funding in its seed round. The angel round led by Hitesh Windlass, CEO of Windlas Healthcare.
Other investors who participated in the current round of funding include angels from a Boston-based private equity firm and a New York-based global investment bank.Until now, the company was bootstrapped.
With the amount raised in this round, the company is now planning to expand its operations. It currently caters to Delhi-NCR only. Further, the startup will also use fund for customer acquisition and ramping up its technology team.
Aermed, which was formed in January this year by Naishadh Sutaria and Aayush Jindal, claims to have more than 2,500 customers on subscription and a repeat user rate of 80 percent.
It is an online pharmacy store that allows users to order medicines that get delivered at user’s doorstep within 24 hours. Customers can place their orders either through the website, the app, over phone, and also by dropping a message on WhatsApp.
Further, the platform also helps users to store and track their medical records. The company is focusing on chronic patients. On an average, the startup receives around 100+ orders a day with an average order value of Rs.1700 -1800.
As per Nandit Harnath, co-founder of Aermed, the company had much to gain from the demonetization. He said:
The first day after the demonetisation, the number of orders shot up by 10X. Customers wanted to stock up medicines for the next couple of months.
Lately, medical technology startups have attracted a lot of investor interest. In October, Netmeds secured around $50 million from PE firm OrbiMed, with participation from existing investors MAPE Advisory Group and CEO and founder Pradeep Dadha’s family investment fund.
1mg, another similar medical delivery startup, has also secured funding from Swiss investment firm HBM Healthcare Investments in May this year, in addition to its Series B round from Maverick Capital Ventures and existing investors Sequoia Capital and Omidyar Network.