Online pharmacy MrMed raised $500K Seed funding from Tamil Nadu Emerging Sector Seed Fund
A $500,000 fundraising campaign for Mr.Med was organized by the Tamil Nadu Emerging Sector Seed Fund (TNESSF), which is run by Tamil Nadu Infrastructure Fund Management Corporation Limited. The funding round also included participation from BEEJ Network and Vish Entrepreneurs LLP.
According to a press release from MrMed, the money will be used for marketing campaigns, team growth, and the exploration of new business opportunities in the healthcare service provider and pharmaceutical supply chain sectors.
MrMed is an online pharmacy that offers super-specialty medications for serious conditions like cancer, kidney disease, heart disease, HIV/AIDS, transplants, hepatitis, and more. It was founded in 2021 by Devashish Singh and Saurab Jain. The platform eliminates issues with expensive specialty medications and delayed access to affordable medications.
MrMed asserts to serve more than 50k users dispersed across more than 2,000 Indian towns, cities, and villages and has an Annual Recurring Revenue (ARR) of over 26 crores. Additionally, it states that it has currently assisted 20,000 customers.
The government of Tamil Nadu established a seed fund to support new businesses and ventures in developing industries. This investment highlights TNESSF’s dedication to supporting cutting-edge solutions, particularly in the nascent e-pharma industry.
