IAN backs Healthtech startup PlusPin Healthcare
Healthtech startup PlusPin Healthcare raised $700,000 in a seed funding round led by seed-stage investment network Indian Angel Network (IAN).
Investors like Sanjay Jesrani, Vinayender Tulla, Kiran Peddi and Rajan Anandan and institutional investors Munjal Group and Axilor Ventures participated in the funding round, a statement issued by IAN said.
PlusPin Healthcare will use the funds to expand its geographical footprint, bolster tech infrastructure and drive superior customer experience, the statement added.
Hyderabad-based WeeClu Solutions, which operates PlusPin Healthcare, was co-founded by Gopal Krishna Panigrahy and Santosh Kumar Panda in September 2017.
The startup follows a B2B2C (business-to-business-to-consumer) model and aims to form a healthcare ecosystem of a network of hyperlocal service providers and independent retail pharmacists.
In addition to enabling pharmacies to engage in community-based services, the company also aims to establish itself as a unique go-to-market platform for brands looking to gain traction in the healthcare domain.
“Today, the independent pharmacies have two options available to them to increase their earnings – expanding their consumer base or increasing margin on prescription/OTC products. However, the rise of the online pharmacy chains and the restrictive regulatory framework render these options ineffective. At PlusPin Healthcare, our goal is to help them engage and retain more customers by empowering their entrepreneurial vision. Our tech-based platform and data-driven social intelligence will establish them as healthcare points,” Panigrahy said.
Hyderabad-based PlusPin claims to be accessed by a wide range of users including over 200 pharmacies in Hyderabad, more than 18,000 end-consumers, 30 plus brands covering hospitals, fitness centres, diagnostic centres and wellness products and over 70 healthcare providers.
“At IAN, we constantly seek to discover, invest in and move some of the finest, differentiated startups to their next orbit. We like Gopal and Santosh, the founders at PlusPin as they displayed unusual strength of character, determination and a readiness to spend 2 years deep in the trenches, building a deep understanding of their pharmacy and end customers’ needs and preferences,” said Sanjay Jesrani, lead investor, Indian Angel Network.