Medbikri, an inventory management and billing platform for pharmacists, has raised $650,000 in a pre-seed round led by Mohandas Pai-backed 3One4 Capital, and angel investors, including Meesho founders Vidit Aatrey and Sanjeev Barnwal, Ivy Cap Managing Partner Tej Kapoor, Zetwerk Co-Founder Rahul Sharma, Stayvista Founder Amit Damani, 100X Entrepreneur Founder Siddharth Ahluwalia, and Narayana Health Executive VC Viren Prasad Shetty.
The Bengaluru-based medtech start-up looks to use the funds for product development, pan-India scale-up, and team expansion. Over the next six months, Medbikri aims to onboard 50,000 chemists and pharmacists across UP, MP, Bihar, Jharkhand, Delhi, and Karnataka.
Chushul Suri, Founder and CEO, Medbikri, said, “Historically in India, a pharmacy has been the first major touchpoint in a patient’s healthcare journey. Local pharmacists typically know the patients and their medical history, are trusted by them and are available within 5-10 minutes from their homes. Medbikri aims to convert the pharmacies into e-clinics, and enable them to offer customers doctor consultations, diagnostic tests and other basic procedures. This benefits patients as they will no longer need to travel long distances and endure protracted wait times at faraway hospitals and clinics.”
Founded in 2021, Medbikri’s app-first platform allows pharmacists to update their inventory by simply uploading photos of the purchase bills, thereby reducing the process time from one hour to less than 15 minutes. They can also record sales, and send e-invoices and prescription refill reminders to customers. Additionally, the app facilitates voice-based entry of new sales, reducing the time taken to generate a bill to under 30 seconds. “We also plan to solve pharmacies’ working capital, GST and medicine procurement issues, in addition to giving them access to a new D2C brand supply,” Suri added.
By helping pharmacies and chemist shops reduce stockouts, seamlessly manage inventory and track patients, Medbikri claims to help them save nearly Rs 3,000 per store per month.
Commenting on the early investment, Anurag Ramdasan, Partner at 3one4 Capital, said, “Medbikri is solving the healthcare infrastructure problem for the lower-tier cities by taking an asset-light approach which makes it viable as well as scalable. The team has showcased superb execution and knowhow of the Indian SMBs and we are super excited to be a part of this journey.”
In 2023, Medbikri plans to open 10,000+ e-clinics across the country. The app has already helped sell 25 lakh medicines and issued 1.5 lakh+ prescriptions, including 40,000+ chronic patient prescriptions.
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