MrMed, a Chennai-based online pharmacy start-up, has raised $5,00,000 (over ₹4 crores) from Tamil Nadu Emerging Sector Seed Fund (TNESSF), managed by Tamil Nadu Infrastructure Fund Management Corporation Ltd. Angel investors from BEEJ Network and Vish Entrepreneurs LLP also joined the funding round.
TNESSF is initiated by the Tamil Nadu government to empower startups and ventures in emerging sectors.
As per a statement, the company said it will use the funds for marketing initiatives, team expansion, and to explore new ventures within the pharma supply chain and healthcare service provider sectors.
Founded in 2021, MrMed was focussed on addressing the challenges in timely availability and affordability of specialty medicines for critical conditions such as cancer, kidney diseases, heart disorders, HIV/AIDS, and transplants. The company claims to have served over 50,000 users across 2,000 cities in India. MrMed has recorded an annual recurring revenue of over ₹26 crore as of July 2023.
Devashish Singh, co-founder, MrMed said the company is looking to utilise funds for customer acquisition and team growth. He added that the objective is to create a profitable yet scalable brand in the super specialty healthcare space.