Pharmacy startup Zeno Health raises $25 million in funding round led by STIC Investments
Zeno Health, which runs a chain of generic medicine-focussed pharmacies, has raised $25 million from investors led by Korean private equity firm STIC Investments.
Existing investor Lightbox Ventures was a significant participant in the Series C funding round.
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Offering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisitMumbai-based Lightbox had first put money into Zeno Health in 2019. So far, it has deployed $25 million into the company and holds 30% equity in the firm, Lightbox Ventures founding partner Sandeep Murthy told ET.
Mumbai-based Zeno Health, earlier known as Generico, was founded by IIT Bombay alumni Siddharth Gadia and Girish Agarwal in 2017. It primarily sells generic medicines through a brand called Goodaid. It also offers franchisee of a pharmacy network under the brand of Zeno Health, apart from selling medicines online, all in Maharashtra.
“In the last 18 months, Zeno Health has managed to both improve its gross margins by focusing on helping people buy medicines that it brands, as well as scale the network of pharmacies,” Murthy told ET. “It demonstrates that it is a business that is actually going to be profitable, which allows it to attract capital.”
Zeno Health cofounder Agarwal said, «This funding round is a significant milestone in our quest to revolutionise healthcare. The infusion of
