Medsonway Solutions Pvt. Ltd. is a Pune based online pharmacy startup. The startup had announced yesterday (06/11/2017) that it has raised US $600,000 (Rs. 3.9 crores) in Pre Series round of funding from RPG Ventures, the venture capital arm of RPG Group. Aniket Bora, co-founder, and CEO of Medsonway said that the startup will use the funding to improve its presence across India and improve the production of its medicines to treat chronic illnesses. Read more on Investments
“A chronic e-pharmacy business has strong fundamentals, higher average order value, high retention and a large expanding market”, said Kunjan Chikhlikar, head of RPG Ventures.
The startup claims that medicines for chronic illnesses are a Rs. 30,000 crore market with an average order value of Rs. 1,200. Medsonway was founded by Bora and Prashanth Pillai in 2015. It allows users to search for medicines, upload prescriptions and get medicines delivered to their doorsteps through a mobile app, which is available on both Android and iOS platforms. The chronic illnesses which the startup treats include diabetes, cancer in any form and any kind of heart ailments. The startup also employs automated refill services to ensure regular supply of medicines to its patients.
“We are a data-driven business and make extensive use of analytics to focus on customer acquisition as well as customer retention and revival strategies”, Bora said.
Medsonway handles an average of 250 orders per day and has registered a growth of 15% every month since January 2017. The startup so far tends to around 25,000 customers. The other pharmacy startups that got funded this year include mCHEMIST.com, Netmeds.com and Merapharmacy.com. Read more on Startup News