Online pharmacy MrMed raises $500,000 from Tamil Nadu Emerging Sector Seed Fund

MrMed, an online pharmacy, receives $500,000 funding from TNESSF. Angels from BEEJ Network and Vish Entrepreneurs LLP join TNESSF in the funding round. MrMed will use the funding to increase awareness and reach while building the team. MrMed sells super-specialty medicines directly to patients across the country, with operational capabilities in three States and partners across the country. ARR as of July 31, 2023 is over ₹26 crore.

Online pharmacy MrMed has received funding of $500,000 from Tamil Nadu Emerging Sector Seed Fund (TNESSF), managed by Tamil Nadu Infrastructure Fund Management Corporation Limited. The seed fund, initiated by the Government of Tamil Nadu, seeks to empower startups and ventures in emerging sectors. Angels from BEEJ Network and Vish Entrepreneurs LLP also joined TNESSF, in the funding round.

“We will use the funding to increase awareness and reach while building the team. Currently we are a team of 30 plus people. We are also looking at new ventures in the supply chain which include working directly with pharma companies to expand their reach in tier 2-3 cities,” Devashish Singh, the co-founder of MrMed said.

When asked how different is this firm as the market is flooded with players in the pharmacy space, Mr.Singh said, “We sell super-specialty medicines directly to patients across the country. These medicines are not available in local chemists and are primarily prescribed by super specialists. Our supply chain, economics, customer service, and operations significantly differ from the general pharma industry.”

“While the more prominent players are focusing on the larger general pharma market and competing with brick-and-mortar pharmacies, we are augmenting the overall supply chain. We have operational capabilities in three States and partners across the country. However, our primary fulfilment centre is in Chennai.”

“MrMed is an impactful venture in healthcare by making speciality treatments more affordable and bringing pricing transparency through their digital platform,” Shanmugapraveen from Tamil Nadu Emerging Sector Seed Fund said. As on July 31, 2023, MrMed had an Annual Recurring Revenue (ARR) of over ₹26 crore.