Online drugstore PharmEasy raises $5.5 Mn Venture Debt From InnoVen Capital
Mumbai-based online drugstore PharmEasy has raised venture debt funding of $5.5 million from venture debt investor InnoVen Capital.
Dharmil Sheth, Co-founder of PharmEasy, has said that the funds will be used for working capital needs and inventory. The company was founded in 2015.
Sheth said, "Debt is a great tool to use as working capital. We plan to use our equity capital for growth and not be stuck for working capital needs."
PharmEasy had earlier raised $30 million in a funding round led by current investors Bessemer Venture Partners and Orios Venture Partners.
"The release of draft guidelines for the online pharmacy industry has also given a fillip to the space. The draft requires e-pharmacies to register with the Central Drugs Standard Control Organization. The space we are operating in needs to be regulated and this is a good move by the government. However, there is a need for clarity on sharing data and whether this affects patient privacy," Sheth further added.