970*90
768
468
mobile

Online drugstore PharmEasy raises $5.5 Mn Venture Debt From InnoVen Capital

Franchise India Bureau
Franchise India Bureau Sep 14 2018 - 1 min read
Online drugstore PharmEasy raises $5.5 Mn Venture Debt From InnoVen Capital
Dharmil Sheth, Co-founder of PharmEasy, has said that the funds will be used for working capital needs and inventory.

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.

Subscribe Newsletter
Submit your email address to receive the latest updates on news & host of opportunities
Entrepreneur Magazine

For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you

or Click here to Subscribe Online