In a significant development, MrMed, a specialty pharmacy, has announced a successful funding round, raising $500,000 from the Tamil Nadu Emerging Sector Seed Fund (TNESSF). This fund is managed by the Tamil Nadu Infrastructure Fund Management Corporation Limited. Joining TNESSF in this round of funding are angels from BEEJ Network and Vish Entrepreneurs LLP. The infusion of capital will be strategically deployed for marketing initiatives, expanding the company’s team, and exploring new avenues within the pharmaceutical supply chain and healthcare service provider sectors.
As of July 31st, 2023, MrMed has achieved an impressive Annual Recurring Revenue (ARR) of over Rs 26 crore, showcasing the company’s promising growth trajectory.
Devashish Singh, co-founder of MrMed, expressed his enthusiasm for the successful fundraise and outlined the company’s plans for utilizing the funds. He stated, “We are quite excited about the fundraise and are looking to utilize the funds for customer acquisition and team growth. While we are a frugal company, we recognize the challenges in the B2C domain.” Singh further emphasized the company’s objectives, saying, “Our goal is to establish a profitable yet scalable brand in the super specialty healthcare space, ensuring the same level of customer service and operational excellence.”
Shanmugapraveen, representing the Tamil Nadu Emerging Sector Seed Fund, shared his thoughts on this investment. He highlighted MrMed’s significant impact on the healthcare industry, particularly in making specialty treatments more affordable and transparent through their digital platform. Shanmugapraveen expressed his delight at partnering with MrMed on their journey of growth and expansion.
This investment marks a milestone for MrMed, positioning them for further growth and innovation in the healthcare sector. The infusion of capital will empower the company to enhance its customer acquisition efforts, strengthen its team, and explore new avenues within the pharmaceutical supply chain and healthcare services, ultimately contributing to the advancement of healthcare accessibility and affordability.