LifCare, India’s first subscription pharmacy, raises a $11 million worth Series B funding from SAIF Partners, Nexus Ventures and IL&FS. The fresh funds will be used for the expansion of LifCare’s geographical presence and further invest in technology.
Till date, LifCare has raised a total of $17 million in three funding rounds. Earlier in October 2016, it had raised $5 million in its series A funding from undisclosed investors. Post the latest funding round, the company will also be providing end-to-end services that chronic patients need to cure their diseases better.
Commenting on the occasion, Krishna Killa, Co-Founder & CEO, LifCare, says, “In the last two years, we’ve aimed to build a simpler and better pharmacy experience. We greatly value the confidence our investors have shown in our strategy and our commitment to build a sustainable subscription pharmacy. With this round, we’re excited to further expand our geographic footprint. We will also look to expand our suite of services to become a full-service disease management platform for chronic patients”.
Founded in 2015 by Krishna and Rohit Mohta, LifCare serves more than 300,000 families who take medicine refills every 30-60 days, and the patients suffer from chronic illnesses such as diabetes, cardiac conditions, hypertension, renal disorders, thyroid and more. It uses cutting-edge technology and data science to automate medicine refills so that patients never miss a dose. With its efficient supply chain, company cut down the price for the end patients in a great deal.
“By focusing on the patients’ need to manage their disease, Lifcare is providing a unique value proposition in the medicine delivery market. The team has executed brilliantly over the last two years and we expect to see strong growth in the coming years,” says Sandeep Singhal, Co-Founder & MD, Nexus Venture Partner, speaking about their latest investment.
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