Pharmarack Secures $3 Million in Series A Funding to Expand Healthcare SaaS Automation Platform

On September 24, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that medical technology company Pharmarack announced the completion of a $3 million Series A financing round. The round was led by IvyCap Ventures.

Pharmarack plans to use the proceeds from this financing round to further develop its medical sales and operations automation platform, as well as expand its healthcare product portfolio and sales network. Upon completion of the transaction, Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, will join Pharmarack’s Board of Directors.

It is reported that in September 2016, Pharmarack raised $280,000 in angel funding from Unicorn Ventures India and secured $745,000 in Series A financing from the Currae Healthtech Fund of the Patni Group.

Pharmarack, founded in 2015 and headquartered in India, is a healthcare SaaS startup. The company enables businesses to automate their sales and operations. Pharmarack provides applications and solutions to partner enterprises, creating a well-functioning ecosystem known as the “Pharmarack Ecosystem.” On this platform, customers can automate their pharmaceutical sales and operational processes, including order management, procurement, returns, collections, market research, and inventory management. The company claims that its platform serves 6,500 retailers.

Pharmarack boasts a professional management team with over 50 years of combined experience in supply chain, marketing, and solution development. The Pharmarack platform enables users to seamlessly manage operations across the entire supply chain. Compatible with existing systems and software—such as ERP, CRM, and other enterprise applications—the platform can be rapidly adapted to integrate with current business processes.

Pharmarack is also an intelligence system that enables users to make informed decisions at all times. The platform consolidates all foundational information infrastructure into a single terminal, allowing users to easily manage operations, handle inventory, develop and execute product strategies, drive business development, and innovate distribution channels.

Amit Backliwal, Co-founder and CEO of Pharmarack, stated, “Pharmarack is expanding its business footprint across China. Providing pharmacies with high-quality healthcare products at affordable prices is a key mission for us. The next 18–24 months will be an exciting period as we scale our operations nationwide.”

IvyCap Ventures, founded by Gupta in 2011, focuses on an entrepreneur-centric investment approach, with key sectors including consumer, healthcare, enterprise technology, fintech, and emerging technologies. The firm manages multiple funds, and its portfolio companies include BiryaniByKilo, Clovia, Vinculum, GrabOnRent, and BlueStone.

(Compiled by Hu Yifan)