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Mar, 30 2018

Tokyo-based Dream Incubator leads funding round in e-pharma Myra

The company had raised a little over $6 million in its Series-A round in August 2017 from Matrix and Times Internet.

Online pharmacy app Myra has raised about Rs 12 crore ($1.84 million) in a fresh round led by Bengaluru-based Metarain Software Solutions Pvt. Ltd, two people familiar with the matter said.

Tokyo-headquartered management consulting firm Dream Incubator led the round with an infusion of Rs 6.5 crore ($1 million), while existing investors Matrix Partners and Times Internet accounted for the rest, said one of the cited above people.

The other person wishing anonymity said the company was valued at about Rs 175 crore ($27 million) post-money. Myra is likely to use the capital to fund its expansion in other geographies, he added.

The company had raised a little over $6 million in its Series-A round in August 2017 from Matrix and Times Internet. At the time of the funding announcement, the company had not disclosed the amount raised the second person said.

A Nikkei Asia report in January had said that Japan-based Dream Incubator had launched a $44-million tech investment fund focused on Indian startups.

Besides institutional investors, Myra is also backed by the likes of Linkedin India CEO Akshay Kothari, Payu India co-founder and Ola Money CEO Nitin Gupta, Quikr CEO Pranay Chulet, LimeRoad co-founder and CTO Prashant Malik, Vy Capital associate director Vamsi Duvvuri, and Pankaj Gupta, the former director of product at Twitter. The investors had infused capital into the e-pharmacy in their individual capacities.

The startup which offers fast online access to medicines with doorstep delivery was founded in January 2013 by Aziz, the former chief technology officer at startup Dexetra, which had developed a Siri-like voice assistant, and Coontoor, who had a stint as a software engineer in Nokia. It caters to consumers in select areas of Bengaluru and Mumbai, as of now.

Myra competes with a few significantly-funded players such as Netmeds, Pharmeasy, Img and Healthkart.

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