CHENNAI: MrMed, a leading online super-specialty pharmacy, announced funding of $500,000 from Tamil Nadu Emerging Sector Seed Fund (TNESSF), managed by Tamil Nadu Infrastructure Fund Management Corporation Limited.
The seed fund, initiated by Tamil Nadu, seeks to empower start-ups and ventures in emerging sectors. This investment emphasises TNESSF’s commitment to strengthening innovative solutions, especially in the emerging e-pharma sector. Angels from BEEJ Network and Vish Entrepreneurs LLP also joined TNESSF, in the funding round.
This seed funding aligns seamlessly with MrMed’s overarching funding strategy. The funds will be used for marketing initiatives, expanding the team, and exploring new ventures within the pharma supply chain and healthcare service provider sectors.
MrMed has an annual recurring revenue of over Rs 26 crore as of July 31, 2023. It caters to over 50k users spread across 2000+ towns, cities, and villages in India.
The co-founder of MrMed Devashish Singh, “We are looking to use the funds for customer acquisition and team growth. While we are a frugal company, we recognise the challenges in the B2C domain.” He adds, “Our objective is to establish a profitable yet scalable brand in the super specialty healthcare space.”