Online pharmacy MrMed raises $500K in seed round

Online super-specialty pharmacy MrMed has raised $500,000 led by Tamil Nadu Emerging Sector Seed Fund (TNESSF), managed by Tamil Nadu Infrastructure Fund Management Corporation Limited. The funding round also saw participation of BEEJ Network and Vish Entrepreneurs LLP.

The proceeds will be utilised for marketing initiatives, expanding the team, and exploring new ventures within the pharma supply chain and healthcare service provider sectors, MrMed said in a press release.

Launched in 2021 by Devashish Singh and Saurab Jain, MrMed is an online pharmacy that provides super-specialty medicines for critical conditions like cancer, kidney diseases, heart disorders, HIV/AIDS, transplants, hepatitis, and more. The platform weeds out problems of specialty medicine prices and untimely access to affordable medicines. 

MrMed claims to have an Annual Recurring Revenue (ARR) of over 26 crore and cater to more than 50k users spread across over 2,000 towns, cities, and villages in India. It also claims to have served 20,000 customers till to date.

The seed fund, initiated by the Government of Tamil Nadu, seeks to empower startups and ventures in emerging sectors. This investment emphasises TNESSF’s commitment to strengthening innovative solutions, especially in the emerging e-pharma sector.