Healthcare has become more important than ever before, especially with the 2nd wave of COVID 19 that ravaged India earlier this year. This has led to an unprecedented rise in popularity for online pharmacies, including a vernacular solution TABLT, which has raised $3Mn from Siti Cable.
Indian Cable Net Company Limited, a unit of Siti Networks has funded $3million in the ‘Series A’ funding round to TABLT, which already has the backing of the likes Vinod Dugar from RDB Group, Raj Patodia from Signum Group, Sunil Singhvi from South Handlooms, along with Manoj Mehta from MTC Group, Gunavanth Vaid from 4G Capital, Aniket Gore from Ceramet group, and Kumar Subramanium, a Global Banker.
The company plans to use these funds for “growing its business development activities, driving its growth plans, and upscaling its marketing strategies so as to have a competitive edge and maintain its leading position in the market,” according to a press release.
TABLT operates an online pharmacy directed towards the needs of Bharat (semi urban and rural areas) and is currently present in four states- West Bengal, Bihar, and Jharkhand &Odisha. The company offers one day delivery of medicines as well as other healthcare related products. The best part? It caters directly to those who feel alienated by other online pharmacies, by having an app available in local languages like Bengali, Odia, and Hindi. This allows it to reach a new demographic in less developed parts of the country, where pharmacy stores are not state of the art.
Due to this offering, as well as the pandemic, the company’s business has grown 9X times since last year.
Mr. Anish Agarwal, CEO, TABLT, says, “We are elated to have associated with Siti Group and thank them for believing in our vision. We will be utilizing the investment to bolster our expansion plans and improve our business acquisition and development activities so as to ensure that we are always at the forefront of the industry in the markets that we are present in or are planning to foray into. Siti Group as a brand has been a pioneer in the Indian media industry and has a good presence in semi-urban and rural markets which is our key targeted area. Apart from the monetary terms, we are also aiming at having powerful synergies with the group in the times ahead.”.
For future goals, TABLT plans to raise about ₹20 crores in the next three months, and wants to make a revenue of ₹400 crores in the next 2 years.
