Medkart pharmacy is redefining the landscape of affordable healthcare in India. It offers branded medicines at much lesser prices while efficiently spreading awareness on the significance of generic medicines.
Founded in 2014, Medkart pharmacy has a network of over 60+ stores across Gujarat and is delivering to 1000+ cities. Its range of 1500+ molecules in generic drugs is larger than any other generic medical store in Gujarat.
Ankur Agarwal
Medkart Pharmacy is an online retail store which sells medicines at a lower price, thereby helping people save on their medical bills. Founded in 2014 by Ankur Agarwal, the pharmacy sells generic drugs from WHO-GMP certified manufacturers to patients.
The company has helped over 35,000 patients save Rs 8 crore by switching to generics. It also helps people to find the best and cheapest alternatives for prescribed branded drugs.
As India ages, the need for drugs increases and many poor people fall sick. Despite this, the country continues to lack access to affordable healthcare.
Hence, Ankur Agarwal started Medkart Pharmacy in 2014. It is India’s first drugstore that sells generics at a low cost. He claims that if patients switch to generics, they can save up to 60 per cent of the total cost of their medication.
He explains that it is important for him to help people with his store, because he has experienced the pain of not having access to cheap medicine when he was a patient. He has worked with a team of pharmacists and doctors to develop the store, which has helped them sell more than Rs 25 lakh every month.
In addition to educating patients about generics, Medkart also works on breaking the nexus between pharmaceutical companies and doctors, wherein medical practitioners are pressured to prescribe brand-name drugs or force their patients to buy them. He also wants to open more Jan Aushadhi stores across the country and regulate the supply of cheap generics.
Agarwal says the market for generics is growing at 16 per cent annually, and he expects it to reach USD 28 billion by 2020. He believes that if the government enables better pricing and improves awareness, it will help households in India reduce their costs significantly.
He is currently looking to build a digital platform that will educate consumers about generics and disseminate the necessary information about available alternatives for the same drug molecule. He hopes this will change the perceptions of consumers and increase their confidence. The website and app will be a one-stop shop for all consumers seeking generics.
Parsharan Chari
Founded in 2014 by Parsharan Chari and Ankur Agarwal, medkart makes the best generic medicine for your buck. The company is currently running 100+ stores in 15 cities across western India, and has a comprehensive online retail portal.
Having garnered more than 600,000 chronically ill patients as customers, the company gets 80% of its revenues from repeat customers and claims to have cut medical costs by up to 85%. In a recent round of funding, the company has secured a small fortune from Alkemi Venture Partners and impact investment firm Insitor Partners.
Parsharan Chari is an MBA grad with a diverse background in business and finance. Before founding medkart, he was the COO at Endeavor Careers. The company’s top line has grown five-fold to Rs 20 crore in the past two years, and the business is on a steady upward trajectory. The name of the game is customer acquisition and retention, and the company plans to add 250 more stores in the state over the next three years. It is also tasked with expanding its footprint in the rest of India, primarily through a franchising model.
Founder & CEO
medkart is an omnichannel pharmacy that empowers people to lower their medical bills through access to quality generic medicines at the most affordable rates. Its network of 100+ stores across Western India and a comprehensive online retail portal, carries a wide range of medicines that are made in compliance with WHO guidelines.
Founded in 2014, Medkart has helped reduce medical costs by up to 85% and has saved more than Rs 200 crores for its customers so far. The company claims to have a customer base of more than 600,000 chronically ill patients and gets 80% of its revenue from repeat customers.
Viktor Andrejsson grew up in Sweden and completed his bachelor’s degree in mathematics from the University of Uppsala in 2007. He joined NTH as a student in 2008, and has been working in various roles since then. He currently heads operations at medkart.
A self-proclaimed technophile, Andrejsson has a passion for technology and data science, which has driven the development of medkart. He is also interested in building a strong brand, and has been working on developing a unique identity for the company.
As a result of his extensive work with technology, he has been instrumental in designing the platform and the interface for the company. He is passionate about the underlying principles that drive the business, and has a strong commitment to empowering people to take control of their health and well-being.
He is also a keen advocate of social impact and has been instrumental in promoting the use of digital technologies to improve the lives of individuals, particularly those with limited resources. He is an active member of the tech and healthcare communities and has been invited to speak at conferences on the topic of entrepreneurship and innovation.
A seasoned professional with over 20 years of experience in the IT and pharmaceutical industries, Andrejsson is currently based in New York. He is an avid learner and has a background in project management and leadership development. His areas of expertise include strategy and product development, marketing, business development, and sales.
Investors
Medkart is an omnichannel pharmacy that empowers people to save on their medical bills through access to generic medicines at the best possible rates. Founded in 2014, it operates a network of 75 stores across Gujarat and Rajasthan making WHO GMP certified generic drugs available to customers.
It claims to have a loyal base of 600,000 chronically ill patients and derives 80% of its revenue from repeat customers. It also claims to have reduced its customers’ medical costs by up to 85 percent and saved them more than Rs 200 crore so far.
The company is backed by some of the country’s most notable names in venture capital and impact investing. They include Alkemi Venture Partners and Insitor Partners, who invested in a combined total of $5.4 million in the company.
In addition, the company has secured significant in-kind contributions from companies such as DoorDash (NYSE: DASH), which is the world’s largest on-demand delivery service. The company’s latest funding round will help it expand its reach to more patients in India and abroad.
Founded in 2014 by Ankur Agarwal and Parsharan Chari, Medkart is a retail chain of generic medicines that offers WHO GMP certified medications at discounted prices. It has a cult following in the Indian healthcare industry and has been described as the sexiest branded drug store by a number of industry experts. Its flagship product is a tablet that helps people compare the price and quality of generic and branded medicines. It also has a unique feature that reduces the cost of prescription medicine by up to 85% and has saved its users more than Rs 200 crore so far.
