TABLT Pharmacy on Monday said it has secured pre-Series A funding of $1.5 million (around Rs 11.25 crore) from JITO Angel Network, Tech Innovation, Let’s Venture, Seeders Syndicate, Angel Bay and other angel investors.
The Kolkata-based firm plans to use the money to build teams across technology, product and marketing. It also aims to roll out 500 new franchisees, thus creating a network of more than 1,000 franchisees in the current year.
Founded by Anish Agarwal and Anant Jain in 2018, TABLT pharmacy deals in medicines, over-the-counter (OTC) and other healthcare products.
“TABLT is an India-focused online pharmacy, guaranteeing 24-hour delivery in the remotest part of Bharat, where more than 65% of India resides. Presently serving 4 states, Tablt aspires to be in 10+ states in the next two years,” said Sunil Singhvi, Vice Chairman of JITO.
The platform is spread across over 500 towns of West Bengal, Bihar, Jharkhand and Odisha.
It claimed to have delivered orders worth Rs 100 crore of the gross merchandise value (GMV).
“The company has achieved six-fold growth since April 2020. Now, we are geared up for four times growth in the next 15 months,” said Anish Agarwal, Co-Founder of TABLT pharmacy.
“We have a strategic thesis with a focus on India in addition to our interest in emerging technology at Tech Innovations. TABLT fits in perfectly with this vision and we plan to expand together.
Their healthtech solution along with our existing phygital platform of financial services across India, we are leveraging both - our distribution network across over 20 states and 30,000 locations," said Mahesh Ramachandran, CEO of Tech Innovation.
