Reap Chemist, which is running a Business-to-Business (B2B) supply chain management mobile application for pharmacies, has today received an undisclosed amount of funding in its seed round.
The funding comes from a clutch of angel investors including FreeCharge founders Kunal Shah and Sandeep Tandon, Thinklabs founder Gagan Goyal and Chayos co-founder Nitin Saluja.
Sandeep Tandon, co-founder of Free Charge and an investor in the angel round, said,
We see a lot of disruption opportunity in the B2B pharma supply chain through new-age technologies. It is a huge market with good margins in the chain. Team reap is app roaching the problems of a very complex supply chain in an interesting way.
With new funding coming in, the Mumbai-based startup will use the funds to improvise its product and to further expand company’s operations in other cities. Talking about the investment, Siddharth Gadia, CEO of Reap Chemist, said,
The $20-billion Indian pharma distribution market is highly fragmented with 10,000 plus pharma companies, 60,000-plus distributors and 600,000-plus pharmacies.
We have been able to crystallise the core problems that the eventual customers of this B2B supply chain, i.e. the pharmacies, face and we are solving these real problems one by one.
Founded in January 2016 by Siddharth Gadia, the Reap Chemist application helps pharma stores increase sales conversion by solving issues at the supply-chain level.
It helps in solving supply chain management issues at the pharmacy level, including complex distribution, poor stock visibility, working capital constraints, and absence of a singular marketing medium, among others.
As per the company, it has over 6,000 pharmacy stores signed up on their platform across four cities — Jaipur, Surat, Ahmedabad and Nashik. It recently launched Chemist Community, a professional network of pharmacy store owners and distributors who collaborate business details in order to increase sales.
