[dropcap]B[/dropcap]usiness to business e- distribution startup CareOnGo, which is a co-branded network of micro-pharmacies across 8 cities in India, on Wednesday garnered an undisclosed amount in pre-series A funding round led by Farooq Oomerbhoy of FAO Ventures.
CareOnGo intends to use the funds to enhance its technology platform and expand e-distribution setup. The funds raised will be invested in research and further development of our technology offerings, with special focus on analytics product, stated Yogesh Agarwal, cofounder of CareOnGo.
“We will further expand our B2B offerings by providing analytics, advance POS (point-of-sale) solutions and aggregating micro-pharmacies,” Agarwal added.
A consortium of investors including Anupam Mittal and Anand Mittal of People Group, head of Flipkart’s ads business Ravi Garikipati, cofounder of Unicommerce Vibhu Garg, Singapore Angel Network and Konglo Ventures participated in the round. Along other participators were the US, Singapore and Muscat-based investors. The round happened on the Letsventure platform.
Farooq Oomerbhoy said, “CareOnGo has delivered tremendous value to each of its partner pharmacies by growing their topline by 20-30%.”
The analytics arm of the firm, Pharmalytics, allows these pharmacies to study sales and gain insights of most-selling medicines in their areas along with keeping a track of Freshness quotient, so as to effectively manage inventory. It also helps them profile customers by capturing much localized data of supply and demand.
