Software startup Pharmarack raises $3 million from IvyCap Ventures

Software-as-a-service, catering to specific sectors has been a rising trend in the startup and funding ecosystem. (Photo: Bloomberg)

Mumbai: Pharmarack, provider of software and automation functions for pharmacies, on Monday said it has raised a Series A round of $3 million from homegrown venture capital fund IvyCap Ventures.

Pharmarack is a plug-and-play platform for manufacturers, distributors and retailers that automates order-taking and provides complete visibility of information like inventory in the warehouse, outstanding payments, credit etc.

It had earlier raised 5 crore in a pre-series A round from Unicorn India Ventures, and the Patni Group’s Currae Healthtech Fund.

Amit Backliwal, co-founder and CEO at Pharmarack said, “Improving access to quality healthcare products by making them 100% available and at the right prices to the right pharmacies is a critical mission for us at Pharmarack.”

“By solving very tough operational issues for all stakeholders in the industry, we have garnered trust and respect to create a range of solutions across the value chain. As a neutral platform, we support the growth of even the smallest of players in the market,” he said.

Software-as-a-service, catering to specific sectors has been a rising trend in the startup and funding ecosystem. Such firms include Zenoti, which provides software for spas and salons and raised $70 million from Tiger Global and Steadview Capital recently, and ChargeBee, which provides subscription management services, raised $14 million in August from Steadview.

Software startups are also seeing traction because of more certain revenue prospects and lower cash burn than consumer internet firms, as well as the ability to go global from day one, according to investors.

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