Think of pharmacy stores and the image that pops up in your head is a shop around the corner, walls lined with packs of medicines. A pharmacy has rarely been linked to being digital, despite it being heavily dependent on logistics, supply chain and even analytics. Healthcare startup CareOnGo hopes to change that. The prime focus of CareOnGo is to allow pharmacies to shift from blind inventory to managed inventory. The company was founded on the ideal of bringing transparency in the pharma supply chain by enabling bulk procurement channel for co-branded pharmacies. "We want to introduce technology in this supply chain which was completely missing till now. Right from procuring the inventory to managing and selling it, CareOnGo provides the end-to-end solution to the micro-pharmacies to work more efficiently and increased business," explains Yogesh Agarwal, co-founder at CareOnGo.
The company works with a 21 member team with workforce spread across technology, marketing and business partnerships. Talking about the business model, Agarwal says, "With more than 90 percent of the Pharmacy Retail market operated by micro-entrepreneurs, CareOnGo ushers these stand-alone pharmacies into the digital age by expanding their consumer reach and enabling them with a purchase platform for their inventory. CareOnGo platform links with the inventory system of these pharmacies and using its strong data algorithms, analyses varied trends and purchase patterns providing a highly efficient procurement platform for the micro-pharmacies. Thus, by partnering with a large base of pharmacies, CareOnGo aims to use its technology to become the first e-distributor in this space."
The company is currently building a cloud-based ERP and POS solution for co-branded pharmacies, enabling them to track their inventory more efficiently. The company will continue to work on more solutions with an aim to usher in technology to this industry filled with inefficiencies. CareOnGo also uses a conversational bot to connect with their users and facilitate them to order and find medicines in their locality. Speaking about the funding, Agarwal says, "We have raised $300,000 in seed funding and an undisclosed amount in our Pre Series A funding recently by a consortium of investors, which includes Anupam Mittal and Anand Mittal of People Group; Ravi Garikipati, Head of Flipkart's ads business; Vibhu Garg, Co-Founder of Unicommerce; Singapore Angel Network and Konglo Ventures among others. The round also saw participation from US, Singapore and Muscat-based investors." Agarwal adds that the funds will be invested in research and development of their tech offerings, with special focus on analytics products like their recently launched ‘pharmalytics’ (a combination of the word pharmacy and analytics) platform. CareOnGo also looks to expand its B2B offerings deeper into the pharmacies by providing analytics, advanced POS solutions and aggregating micro-pharmacies in India.
CareOnGo currently operates in 8 cities and plans to expand to 15 more by the end of the year. "We are in line to launch 10+ new categories into our consumer-focused app. We plan to solve the problems of the end-consumers by connecting the dots backwards through technology. We are committed to our mission of providing a transparent, trusted, and reliable mobile chain of CareOnGo branded pharmacies," adds Agarwal revealing the company's expansion plans. "Unlike our competitors who are dealing in only online pharmacy space, we are building a technology-based ecosystem, which ensures quality and consistency with a turnaround and delivery time unmatched by any other player in the market today," he adds.
Published Date: Jun 21, 2016 15:44 PM | Updated Date: Jun 21, 2016 15:44 PM