One of the leading retail chains of generic medicines, Ahmedabad-based Medkart has raised Rs 40 crore in a Series A round, co-led by Alkemi Growth Capital and Insitor Partners.
Having grown from scratch to 75 stores, predominantly in Gujarat, apart from presence in Rajasthan and Maharashtra, Medkart plans to use the funds for expansion to touch 250 stores by 2023. Apart from Alkemi and Insitor, the round saw participation from angel investors including Prashant Poddar and other professionals from UAE and ex-CEO of IIFL Asset management. Mumbai based Investment Bank, Radix Capital Advisors acted as an exclusive financial advisor for Medkart.
Founded by Ankur Agarwal and Parasharan Chari in 2014, Medkart makes WHO GMP certified generic medicines at some of the most affordable rates available across its network of more than 75 stores.
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