Delhi based B2B e-distribution startup CareOnGo, which runs a chain of co-branded online pharmacies, has raised an undisclosed amount in pre-series A funding round led by Farooq Oomerbhoy of FAO Ventures.
A group of investors including Anupam Mittal and Anand Mittal of People Group; Head of Flipkart’s ads business Ravi Garikipati; Cofounder of Unicommerce, Vibhu Garg; Singapore Angel Network and Konglo Ventures also participated in the round. The round also saw participation from the US, Singapore and Muscat-based investors. CareOnGo is planning to use the funds to enhance its technology platform and expand e-distribution setup.
Yogesh Agarwal, cofounder of CareOnGo, said in a statement:
“The funds raised will be invested in research and further development of our technology offerings, with special focus on analytics product…We will further expand our B2B offerings by providing analytics, advance POS (point-of-sale) solutions and aggregating micro-pharmacies.”
The venture has built an analytics platform called Pharmalytics that helps these pharmacies to study sales and gain insights, so as to effectively manage inventory and it also helps them profile customers. The venture had raised $ 300,000 in its seed round of funding in the month of Feb, this year.
CareOnGo, which was founded in September 2015 by Aditya Kandoi, Ritu Singh and Yogesh Agarwal, will use these funds to increase the number of co-branded stores to over 150 across the metro cities of Delhi, Bangalore, Kolkata and Hyderabad, and to expand to Mumbai, Chennai and 11 more cities, the company added. CareOnGo allows users to buy medicines from their neighbourhood approved pharmacies while providing additional advantage of finding substitutes, ordering generics, setting medicine reminders and archiving digital health records (prescriptions & invoices). Earlier, the platform was offering service in preventive care segment.