Kolkata-based Pharmacy Startup TABLT Garners $1.5 million from JITO Angel Network & Others
The pharmacy, which was founded by Anish Agarwal and Anant Jain in 2018, has secured $1.5 million in a pre-series A round from investors such as JITO Angel Network, Let's Venture, Tech Innovation (Chennai), Seeders Syndicate (Kolkata), Angel Bay, and other angel investors. In addition, the founders have taken part in this round.
JITO Vice Chairman Sunil Singhvi states, “TABLT is a Bharat-focused Online pharmacy, guaranteeing 24-hour delivery in the remotest part of Bharat, where more than 65 percent of India resides. Presently serving 4 states, TABLT aspires to be in 10+ states in the next two years. We at JITO Angel Network, believe that TABLT will capture a major share in the coming years. We have backed TABLT since their inception and have confidence that TABLT will be a market leader in the Bharat market.”
Seeders Partner Abhishek Rungta remarks, “We are very upbeat about the opportunity Bharat presents for an efficient consumer Internet business like TABLT. They are solving a real problem effectively, and we are excited to be part of this journey.”
Tech Innovation CEO Mahesh Ramachandran said, “We have a strategic thesis with a focus on Bharat in addition to our interest in emerging technology at Tech Innovations. TABLT fits in perfectly with this vision and we plan to expand together. Their Healthtech solution along with our existing phygital platform of financial services across India, we are leveraging both - our distribution network across 20+ states and 30,000 locations."
The Pharmacy quickly gained popularity due to its unique selling point of providing medications in one day. Furthermore, it has acquired the skill of providing cold storage for medications, which other Online Pharmacies lack and hence are unable to provide in the Bharat Markets (T2-T6). As a result, TABLT has an advantage over its competitors.
Founder Anish Agarwal stated, “We are very excited about raising a pre-A series round of funding. I would like to add here that the company has achieved six-fold growth since April 2020. Now, we are geared up for four times growth in the next 15 months.”
The company's future goals, buoyed by this successful round of fundraising, include adding 500 additional franchisees in the current year – 2022, resulting in a network of more than 1,000 franchisees. The funds will be used to create teams in the areas of technology, product, and marketing. In addition, fulfilment sites are planned for Bhubaneswar, Siliguri, and Patna. TABLT Pharmacy is striving to join up with important partners in the healthcare ecosystem. TABLT is boldly pursuing its purpose of making health care accessible at cheap rates and ensuring timely delivery, which is a pressing need.