Twenty-year-old Arjun Deshpande, founder & CEO of pharmaceutical startup Generic Aadhaar, today announced raising an undisclosed amount Pre-Series A funding from Beyond Next Ventures, a leading Japanese venture capital firm in the deep tech and healthcare space.
Founded by Arjun at the tender age of 16, Generic Aadhaar revolutionized the pharma industry by partnering directly with the manufacturers and providing good quality medicines at affordable costs to consumers via their franchise stores.
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This marks as the 1st Institutional investment for Generic Aadhaar. Earlier, Mr. Ratan Tata had invested an undisclosed amount as an angel investor. The fresh capital will be deployed to help Generic Aadhaar expand its franchisee store growth targets to 1500, achieve its digitization goals and widen its range of medicine product offerings Considering the enormous interest of some other prominent VCs and corporate venture capital funds, we decided to use technology and streamline the deal flow through GoToPitch platform for our next round which we will be closing in next 8-12 Months
Commenting on the development Arjun Deshpande, Founder & CEO, Generic Aadhaar, says, “My goal remains to build Generic Aadhaar as an organization focused on creating an impact on the Indian healthcare ecosystem by making medicines affordable to our country’s 130 crore people. As we are not a cash burning entity but a profitable venture, we decided to raise this round, and received a huge response from the VC community. I am elated that Mr. Tsuyoshi Ito and his team at Beyond Next Ventures has partnered to invest in us and bring my vision to reality. This fund, which we look to complete deployment within the next 8 month will help us grow faster and create a wider impact by aiming to solve the scarcity of medicines in urban, Tier 2 and Tier 3 cities across India. Having received an astounding response from our customers across the country, we aim to do a Series A round in the next 8-12 months.”
Commenting on the funding Mr. Tsuyoshi Ito, CEO of Beyond Next Ventures, says, “We at Beyond Next Ventures, are very excited to join Generic Aadhaar as an investor. The company led by the dynamic young founder Arjun Deshpande has created an innovative business model to revolutionize pharmaceutical industry in India. The fact that he is backed by Mr. Ratan Tata speaks volumes for the trust and potential of the founder and the venture. The investment in Generic Aadhaar is in line with our philosophy of helping disruptive and growth sectors in India.”
Commenting Mr. Mayur Shah head of India Business added that “India is at the cusp of a healthcare revolution and affordability of medicines is the most important right step for the future. While providing medicines of high quality at an affordable rate to benefit consumers, Generic Aadhar is also helping stand-alone community focussed medical stores, also thrive. We are looking forward to supporting Generic Aadhaar in their journey of providing affordable medicines and nurturing micro-entrepreneurs.”
Arjun’s journey began when he was 16, when he witnessed an elderly citizen requesting a medical shop owner for medicines on credit for his ailing wife with cancer. Not having resources to pay for these expensive medicines the elderly man requested them on credit. Moved by the plight of this financially challenged person, Arjun decided to do his bit and thus began his journey of Generic Aadhaar with only a dream and zest to fulfill his mission.
Having realised that around 60% Indians cannot afford daily medicines, because they have to pay extra to buy generic medicines from pharma brands, led to Arjun’s innovation of conceiving Generic Aadhaar, a store that works in alliance with numerous pharmaceutical stores based on B2B & B2C franchise-model to sell medicines at subsidized prices. Customers can get around 80 percent discount on the medicine and these are from WHO-GMP facilities.
Generic Aadhaar has presence across 150 + cities through tie-up with single medical stores and retailers. The pharmacy-aggregator model procures drugs from the manufacturers, instead of brands, and gets it to the retailers. This eliminates the layer of middlemen and cuts down the cost of these medicines. Through this Franchise model, Generic Aadhaar is not only creating jobs but also numerous Micro Entrepreneurs.
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