The fresh capital will be used by the Pune-based startup to strengthen its network for pharma manufacturers.
Pharmarack, owned by Pharmarack Technologies Pvt Ltd, has secured in $3 million in Series A funding round from Mumbai-based IvyCap Ventures. The health tech platform also counts Unicorn India Ventures and Currae Healthtech Fund among its investors.
The fresh capital will be used by the Pune-based startup to strengthen its network for pharma manufacturers and retailers. The company will use the funds to broaden its portfolio of product offerings.
As part of the investment, Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, will join Pharmarack’s board.
Founded in 2011, the company provides a plug-and-play platform for pharma manufacturers, distributors, and retailers to automate order-taking.
Amit Backliwal, Co-Founder and CEO, Pharmarack, said, “Improving access to quality healthcare products by making them 100 percent available and at right prices is a critical mission for us. The next 18-24 months are very exciting for us as we scale all our offerings and footprint across the country.”
Vikram Gupta, Founder of IvyCap Ventures, added, “We believe that Pharmarack has built a strong foundation for its next phase of growth, and with this round of funding it should be on a path to achieve massive scale and create value.”
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