Corner Store Technologies, which operates a subscription-based pharmacy brand LifCare, has raised $11Mn Series B from SAIF Partners, Nexus Ventures and IL&FS. The newly raised funds will be used to expand LifCare’s geographical presence and further invest in technology, the company said in a statement.
Founded in 2015 by Krishna Killa and Rohit Mohta, LifCare serves more than 300,000 families who take medicine refills every 30-60 days. These patients with chronic illnesses such as 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.
Both the co-founders have the fair exposure and knowledge about the industry. Prior to starting Lifecare, Krishna Killa worked with Bain Capital PE where he was investing in healthcare and financial services while another co-founder Rohit Mohta was with Cipla where he managed strategic initiatives.
“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,” said Krishna Killa, CEO & Co-founder of LifCare.
“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.
Besides geographical expansion, 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 sector include Netmeds and Medlife.
The e-commerce giant Amazon and home-grown e-tailer Flipkart is also eying into this sector. The recent report suggests that Amazon is in early talks to invest in Medplus whereas Flipkart has also held discussions with online pharma companies 1mg and PharmEasy.