MEDZnMORE, a Karachi-based online pharmacy startup, raised $11.5 million in Pre-Series A funding from Integra Partners, Nunc Gestion, Sturgeon Capital, Alta Semper, Al Touq Group, ACE & Company, Key Family Partners, Reflect Ventures, and Atlas Asset Management.
Elevator Pitch: Pharmacy products directly from manufacturers
Tell me more: Pakistan has a huge problem with counterfeit medicine.
More than 40% of medicines sold in the country are either fake or ineffective, according to a survey conducted by Profit.
Recently, five men were arrested for manufacturing and selling fake medicine under the names of large pharmaceutical companies.
Needless to say, the country faces a severe problem.
And MEDZnMORE wants to help solve the fundamental problems involving buying medicines.
It works directly with pharmacies and distributors to increase the availability, affordability, and ease of access to authentic medicine across the country.
Additionally, it makes sure the medicine is available to consumers and pharmacies either the same day or the next day. And delivery is free.
I am listening: MEDZnMORE has two verticals; B2C and B2B:
- Tabiyat: A B2C platform that makes buying medicine and wellness products easy.
- TezMedz: A B2B platform that offers technology solutions to the fragmented medical supply chain.
By the numbers: MEDZnMORE estimates that public healthcare accounts for 1.2% of GDP and 55% of all healthcare expenditures are out-of-pocket, so people rely more on medicine than on expensive medical treatments.
In 2022, it plans to expand to one new city every month, bringing its total presence to nine cities by the end of the year. It currently has seven cold chain-capable warehouses in three cities.
Additionally, it delivers over 100,000 products per day from its warehouses, with month-over-month revenue growth of over 40%.
You should know: MEDZnMORE was founded in 2020 by Asad Khan, Saad Khawar, and Babar Lakhani.
To date, MEDZnMORE has raised $14.1 million in startup funding.
Before you go: In addition to expanding its presence in more cities across Pakistan, MedznMORE plans to use the funding to improve retailer and consumer user experience and add new value-added services and products.
It faces competition from Dawaai and emeds.