Healthtech startup Pharmarack raises $3 mn Series A from IvyCap Ventures

Healthtech startup Pharmarack raises $3 mn Series A from IvyCap Ventures
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23 Sep, 2019

Pune-based healthtech startup Pharmarack has raised $3 million in a Series A funding round from early-stage venture capital firm IvyCap Ventures.

"The fresh funding will be used to expand the network across the country and also expand new offerings for the ecosystem," Amit Backliwal, co-founder and chief executive officer, Pharmarack told TechCircle.

As part of the investment, IvyCap Ventures founder and managing partner Vikram Gupta will join Pharmarack’s board, he added.

The B2B startup, founded in 2015 by Backliwal, Pradyumn Singh and Kushal Bhandari, had first raised funds in 2016 when Patni Group’s Currae Healthtech Fund and Unicorn India Ventures invested in Pharmarack's pre-Series A round.

Pharmarack allows clients to automate their pharmaceutical sales and operations processes. It also allows businesses to process, track and settle orders. The company claims to have a presence in over 70 cities with offices in Mumbai and Pune.

Mumbai-based IvyCap Ventures, founded in 2011 by Gupta, is an early to mid-stage venture capital firm, which focuses on sectors such as consumer, healthcare, enterprise technology, financial technology and emerging technology.

IvyCap Ventures portfolio includes online kitchen BiryaniByKilo, lingerie e-tailer Clovia and product rental marketplace GrabOnRent.

Deals in the segment

Kolkata-based health-tech platform iKure raised an undisclosed amount of funding from Inflection Point Ventures (IPV).

Healthtech startup PlusPin Healthcare raised $700,000 in a seed funding round led by seed-stage investment network Indian Angel Network (IAN).

Health and fitness app Fitso raised $1.5 million in a pre-Series A funding round.