MrMed raises US$ 500,000 from Tamil Nadu Emerging Sector Seed Fund

New Delhi: MrMed, a leading online super-specialty pharmacy, announced funding of US$ 500,000 from Tamil Nadu Emerging Sector Seed Fund (TNESSF), managed by Tamil Nadu Infrastructure Fund Management Corporation Limited.

The seed fund, initiated by the Government of Tamil Nadu, seeks to empower startups and ventures in emerging sectors. This investment emphasizes 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 utilized for marketing initiatives, expanding the team, and exploring new ventures within the pharma supply chain and healthcare service provider sectors.

MrMed has displayed impressive momentum in the market, with an Annual Recurring Revenue (ARR) of over Rs 26 crore as of July 31^st, 2023. Catering to over 50k users spread across 2000+ towns, cities, and villages in India, they stand as a testament to the potential of digital healthcare.

The co-founder of MrMed Mr. Devashish Singh, expressed his enthusiasm, “We are quite excited about the fundraise and are looking to utilize the funds for customer acquisition and team growth. While we are a frugal company, we recognize the challenges in the B2C domain.” He adds, “Our objective is to establish a profitable yet scalable brand in the super specialty healthcare space, ensuring the same level of customer service and operational excellence.”

“MrMed is an impactful venture in healthcare by making speciality treatments more affordable and bringing pricing transparency through their digital platform. We are delighted to partner with MrMed on their growth journey,” shared Mr. Shanmugapraveen from Tamil Nadu Emerging Sector Seed Fund.

This funding is a step closer to making specialty medicines accessible to all and in every corner of the nation.