Online subscription pharmacy ‘LifCare’ raked in USD 11 million in a Series B round of funding led by SAIF Partners, Nexus Ventures, and IL&FS. Owned by parent company, Corner Store Technologies, LifCare plans to use the funds to expand the company’s geographical presence and to further invest in technology.
While SAIF Partners and Nexus Ventures are LifCare’s existing investors, IL&FS has joined the group in this round of funding. Till date, LifCare has raised USD 17 million, which includes the USD 5 million in Series A round in October 2016.
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LifCare is a subscription pharmacy, which focuses on patients with chronic illnesses. The Jaipur-based startup serves in North India, where it boasts of catering to over 300,000 families in need of medicine refills every 30-60 days. The patients LifCare serves mostly suffer from diseases like diabetes, cardiac conditions, hypertension, renal disorders, thyroid, etc., and require ongoing medication. With the help of intelligent technology and data science, LifCare automates medicine refills so patients never miss a dose. The company is also able to cut down costs for end patients by bettering the supply chain.
LifCare was founded in 2015 by Krishna Killa and Rohit Mohta. Krishna Killa was earlier with Bain Capital PE where he invested in healthcare and financial services, and Rohit Mohta was with Cipla, where he managed strategic initiatives.
LifCare’s investors also include angel investors Rajul Garg; Rishi Mandawat, vice-president of Bain Capital Private Equity; Amitabh Mall, senior partner and managing director at Boston Consulting Group; Karan Bhagat, founder and MD of IIFL Holdings Ltd; and Alok Mittal, the former managing director of venture capital firm Canaan Partners.
Krishna Killa, CEO 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.”
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“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,” Sandeep Singhal, MD & Co-founder, Nexus Venture Partners, added.
LifCare also plans to provide end-to-end services that chronic patients need to manage their diseases better through processes such as medical consultancy, lifestyle management, and timely reminders. In a chronic illness market that is easily worth USD 10 billion in India, LifCare is in competition with Netmeds, 1Mg, and Zigy.
LifCare boasts of more than 1.5 lakh active subscribers, and its presence is currently in cities like Jaipur, Delhi, Lucknow, Kanpur, and Udaipur. Its employment has gone up from 45 in 2016 to 500 right now.
