AJVC Fund and other investors have contributed an undisclosed sum to the Mumbai-based pharmacy startup Figtree Pharmacy’s seed funding round.
The money raised will be utilized to improve logistics, develop the company’s technology stack, introduce private-label medications, and increase store operations.
Figtree intends to expand its network to 25 locations.
Founded in 2025 by Yatin Sharma of Flipspaces and Adrit Chaturvedi, a former healthcare analyst at Nomura, Figtree runs neighborhood-focused pharmacies in Delhi and Mumbai.
Rather than using large-format retail models with extensive product catalogues, the startup is constructing small-format pharmacies that are targeted at hyperlocal demand.
In addition to ASIAD Village in Delhi, Figtree presently has four locations in Bandra, Altamount Road, and Babulnath in Mumbai. In Greater Kailash II, a fifth store will soon open.
The company states that repeat business accounts for over 90% of its revenue, with average order values exceeding Rs 1,000.
AJVC, an early-stage investment firm headed by Aviral Bhatnagar, is still growing its presence among India’s up-and-coming startups. Bubble Me, Finanjo, Mindcase, Care Dale, HandyPanda, Multibagg AI, Nuyug, Mithila Foods, Jaagruk Bharat, TruFides AI, Chop Finance, Gaadi Mech, and Iztri are just a few of the businesses in its portfolio.
