BookMEDS for anytime medicine
BookMEDS is Uberizing Brick & Mortar Pharmacies in India by enabling customers to order medicines online and receive home delivery of medicines from the nearby pharmacy. It currently has over 400+ pharmacies on their platform across 18+ cities and towns in India. Depending on the location of the user, they show 3-7 nearby pharmacies from which user can order medicines.
Analyzing the market, one can notice that the majority of the start-ups are undercutting the price to attract the customers, thereby losing heavy cash says BookMEDS team. They claim to have a thorough knowledge of the wholesale and retail price to provide a discount to its customers.
BookMEDS App is available to consumers in all the three major App ecosystems(IOS, Android and Windows) as well as BookMEDS.com portal for customers to order medicines. Users can search for medicines and order them from the nearest pharmacy. In the BookMEDS App, users can do additional things such as Setting Pill Reminders, Creating Care Circles, Saving Health Records and so on. A Merchant App that allows their partner pharmacies to track orders, chat with customers and generate reports is also available.
Currently they claim to having about 17,000 customers and growing at 10-12% each month, BookMEDS is growing fast. Last year (2015), they closed at a run-rate of $0.5 million. Subject to closing of Series A funding, expectations of an annual growth of 10-15x is being set for the year 2016.
The team is headed by Mohammed Abubakr (CEO), along with Subathra Santhanam (Vice President), and Sajid Sikander (Managing Director) with each having more than 7 years of experience in their respective fields. The team has made an impressive funding raising of $250K USD investment and $50K loan. They have raised the said funding from Ravi Krishnaswamy (VP, Flipkart), Javed Sikander (CEO, Xtream IT) and Krish Datta (CEO, Back Office Associates APJ).
From the product front, BookMEDS App aims to become a virtual medical assistant similar to Siri of iOS or Cortona of Windows. Machine learning algorithms to detect the behavioural patterns of the patients are already being under tests . This functionality will roll out into production by mid of 2016.
BookMEDS ‘s mission is to reach $1 billion in revenue and capture 3-5% of Indian Pharma-Retail market-share by 2020 and careful expansion to at least 5 countries outside India.