LifCare raises US$11M to expand pharmacy subscription service into new cities in India | Digital Asia
Digital Asia News Update
Corner Store Technologies, a pharmacy subscription startup in India that operates under the brand LifCare, has raised US$11 million in Series B round of funding from SAIF Partners, Nexus Ventures and IL&FS.
The funds will be used expand LifCare’s geographical presence and further invest in technology.
In Mach 2016, LifCare raised an undisclosed sum in seed funding, led by Rajul Garg, a veteran healthcare investor with investments in Qikwell, HealthKart and Cygnus Medicare.
Krishna Killa, CEO and Co-founder of LifCare, said: “In the last two years, we’ve aimed to build a simpler and better pharmacy experience. With this round, we’re excited to further expand our geographic footprint. We will also look to expand our suite of services to become a full-service disease management platform for chronic patients.”
The startup was founded in 2015 by Killa, who was earlier with Bain Capital PE where he invested in healthcare and financial services, along with Rohit Mohta, who was with Cipla where he managed strategic initiatives.
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LifCare is a subscription pharmacy targeting patients with chronic illnesses. In northern part of India, it claims to be serving more than 300,000 families, who take medicine refills every 30 to 60 days. These patients, suffering from diseases like diabetes, cardiac conditions, hypertension, renal disorders, thyroid, etc., require ongoing medication. LifCare uses intelligent technology and data science to automate medicine refills, so patients don’t miss a dose.
Sandeep Singhal, MD and Co-founder, Nexus Venture Partners, added: “By focusing on the patients’ need to manage their disease, Lifcare is providing a unique value proposition in the medicine delivery market. The team has executed brilliantly over the last two years and we expect to see strong growth in the coming years.”
Expanding from medicine delivery, LifCare will also be providing end-to-end services that chronic patients need to manage their diseases better.
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