Healthcare Startup LifCare Raises $11M Series B from SAIF Partners, Nexus Venture Partners and IL&FS
Corner Store Technologies, a Jaipur based subscription pharmacy that operates under the brand ‘LifCare’, has raised $11M Series B from SAIF Partners, Nexus Ventures and IL&FS. The funds will be used expand LifCare’s geographical presence and further invest in technology.
LifCare is a subscription pharmacy targeting patients with chronic illnesses. The company serves North India where it serves more than 300,000 families who take medicine refills every 30-60 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 never miss a dose. The company is also able to cut down the cost to end patients by running a more efficient supply chain.
LifCare was founded in 2015 by Krishna Killa, who was earlier with Bain Capital PE where he invested in healthcare and financial services and Rohit Mohta, who was with Cipla where he managed strategic initiatives.
Krishna Killa, CEO & Co-founder of LifCare, says, “In the last two years, we’ve aimed to build a simpler and better pharmacy experience. We greatly value the confidence our investors have shown in our strategy and our commitment to build a sustainable subscription pharmacy. 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.”
Sandeep Singhal, MD & Co-founder, Nexus Venture Partners, adds, “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.
Other significant players operating in the pharmacy space include Netmeds and Medlife.
US-based retail giant Amazon is also in early talks to invest in the India's second largest pharmacy chain, Medplus. Not only Amazon, but home-grown e-tailer Flipkart has also held discussions with online pharma companies: Gurgaon-based 1mg and Mumbai’s PharmEasy and looking at potential acquisitions in the space to start its own business.
