Kolkata: City-based startup Tablt pharmacy has raised $1.5 million in pre-series A round. Tablt deals in medicines, OTCs, and other healthcare products.
Founded by Anish Agarwal and Anant Jain in 2018, Tablt has successfully raised $1.5 million from an impressive line–up of investors in pre-series A-round like JITO Angel Network, Tech Innovation (Chennai based), Let’s Venture, Seeders, Angel Bay and other angel investors. Also, the founders have themselves participated in this round.
Speaking on the pre-A series fundraising, founder Anish Agarwal says, “We are very excited about raising a pre-A series round of funding. I would like to add here that the company has achieved six-fold growth since April 2020. Now, we are geared up for four times growth in the next 15 months.”
Speaking on the funding, Sunil Singhvi, vice chairman, JITO, says, “Tablt is a Bharat-focused online pharmacy, which assures 24-hour delivery in the remotest part of the country, where more than 65% of India resides. Presently, we are serving four states but Tablt aspires to be in more than 10 states in the next two years. We at JITO Angel Network, believe that Tablt will capture a major share in the coming years. We have backed Tablt since their inception and have confidence that the startup will be a market leader in the Indian market.”
Abhishek Rungta, partner, Seeders says, “We are very upbeat about the opportunity Bharat presents for an efficient consumer Internet business like Tablt. They are solving a real problem effectively, and we are excited to be part of this journey.”
Mahesh Ramachandran, CEO, Tech Innovation, adds, “We have a strategic thesis with a focus on Bharat 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 20 states and 30,000 locations.”
The online pharmacy was quick to gain traction owing to its USP of delivering medicines in one day. Besides, it has developed the capability of providing cold storage for medicines that other online pharmacies are lacking, hence are unable to deliver in the Bharat markets (T2-T6), thus, providing Tablt an edge over its competitors.
Buoyed by this successful round of funding, the company’s future plans entail opening 500 new franchisees thus creating a network of more than 1,000 franchisees in 2022. Funds will be deployed to build teams across tech, product and marketing functions. Besides, it has plans to open ‘Fulfilment Centres’ in Bhubaneswar, Patna and Siliguri. Tablt pharmacy is aiming to tie up with strategic partners in the healthcare ecosystem. This way Tablt is confidently moving ahead on its mission to make health care accessible at affordable prices and ensuring fast delivery, which is the need of the hour.
Tablt has a presence across 500 towns in West Bengal, Bihar, Jharkhand and Odisha. 70% of TABLT pharmacy users are above the age of 40. The pharmacy uses a combination of community partner, online and tele approach to ensure convenience to its customers.