Online pharmacy MetroMedi secures $1.5 mn in seed round
Hyderabad-based MetroMedi, an online pharmacy and e-health store, has raised $1.5 million in a seed round from TK GP Rao, a high net worth individual, who is also the founder of the TMT Group of industries.
Founded by Dilip C Byra, MetroMedi was started with a mission to deliver 100% genuine medicines to the consumers' doorstep.
Dilip C Byra, Founder and CEO, MetroMedi, said, “We bundle all health-related solutions and assist to improve healthcare segment by our health assistants programme, where personalised assistance is given for every 1,000 customers and to create employment as well, along with health insurance and health credit.”
“This is very unique and the only platform where health, technology, and fintech bundles together as a unified health platform using ancient wisdom and modern science together in the fast-growing Indian e-commerce market,” he further stated.
Initially, MetroMedi began delivering medicines in Hyderabad. The company then expanded to six more cities, including Bengaluru, Vijayawada, Visakhapatnam, Kakinada, Guntur, and Rajahmundry.
Besides delivering medicines, the platform helps patients set a reminder to automatically refill medicines, recommends health foods, and also educates users with health tips.
Dilip added, “Currently, brick and mortar pharmacies are fulfilling only 60 percent of the orders, and most importantly there are 20 percent counterfeit medicines in the Indian market. MetroMedi is delivering genuine medicines and solving the unavailability problem.”
Manikanta Byra, COO of MetroMedi, said, “As of today, MetroMedi fulfills nearly 1000 orders a day, acquires customers at 75 percent less cost than its competitors, has 60 percent monthly repeat customers and is growing at 25 percent month-on-month.”
MetroMedi is aiming to offer a wide range of quality nutritional products and expand these offerings to 10 cities in the next ten months. It is further working on new initiatives for improving the accessibility of healthcare in Tier-III and Tier-IV cities by working with pharmacists and doctors.
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