Lightbox-backed Zeno Health, which raised $25 million (R 2085 crore) in Series C round led by South Korean private equity firm STIC Investments last month, has acquired online pharmacy startup Tablt Pharmacy in an all-stock deal.
The deal helps Mumbai-based Zeno to expands its presence in West Bengal, Odisha, Bihar and Jharkhand, the states where Kolkata-based Tablt operates focusing in Tier 2 to Tier 6 geographies.
The financial details of the deal weren’t disclosed.
Tablt had previously raised funds from JITO Angel Network, along with Lets Venture and other angel investors.
“Our merger with Tablt and their team will expedite our journey to rural and semi-urban areas, addressing the immense need for generic medicines,” said Girish Agarwal, co-founder of Zeno Health.
Agarwal, along with IIT Bombay alum Siddharth Gadia, founded Zeno Health in 2017. The startup operates 180 omnichannel stores and a network of 200 micro-franchises, and offers generic and branded prescription medicines.
"By combining Tablt's distribution capabilities with Zeno Health's commitment to affordability, we are poised to transform how individuals access and afford essential medications," said Anant Jain, co-founder of Tablt Pharmacy.
Jain, set up Tablt in 2018, along with Vivek Goenka, with an aim to set up an omnichannel pharmacies mainly catering to smaller towns in the eastern region. It currently has nearly 300 franchises across the Eastern Indian and claims to have served more than 2 lakh consumers so far.
