E-Pharmacy MrMed Secures $500,000 Funding from Tamil Nadu Emerging Sector Seed Fund

Established by the Government of Tamil Nadu, this fund aims to empower startups and ventures operating within emerging sectors.

MrMed, a Chennai-based online pharmacy startup, has successfully secured funding of $500,000 from the Tamil Nadu Emerging Sector Seed Fund (TNESSF), managed by Tamil Nadu Infrastructure Fund Management Corporation Limited. 

Established by the Government of Tamil Nadu, this fund aims to empower startups and ventures operating within emerging sectors. 

The funding round saw participation from Angels associated with BEEJ Network, Vish Entrepreneurs LLP, and TNESSF.

The cofounder of MrMed, Devashish Singh said, "Our immediate focus is to raise awareness and extend our reach while strengthening our team. Our current workforce consists of over 30 individuals. Simultaneously, we are exploring new opportunities within the supply chain landscape, including collaborations with pharmaceutical companies to enhance their presence in tier 2-3 cities."

Talking about MrMed's approach in the competitive pharmacy market, Singh said, the startup's niche lies in providing super-specialty medicines directly to patients nationwide. 

These medicines, as per Singh, often prescribed by super specialists, are not readily available at local pharmacies. 'œOur operational dynamics, economic model, customer service, and overall approach stand apart from the conventional pharmaceutical industry," he added.

Talking about the industry dynamics, Singh noted, while major players often compete with physical pharmacies, MrMed plays the role of strengthening the supply chain. The startup's operational capabilities span three states and partnerships across the nation, however, its primary fulfillment centre operates from Chennai.

Established in 2021, MrMed's core mission has been to tackle the pressing issues of accessible and cost-effective specialty medicines for critical ailments such as cancer, kidney diseases, heart disorders, HIV/AIDS, and transplants. 

More than 50,000 users across 2,000 Indian cities can access the company's services. MrMed's annual recurring revenue stands at INR 26 Cr as of July 2023.

Recently, e-pharmacy major, PharmEasy, has outlined its plan to raise a substantial INR 3,500 Cr through a rights issue to pare its financial burden.