Pakistani online pharmacy Dawaai has announced that it raised $8.5 million in a recent investing round led by US-based 500 Startups and participated by local venture capital firm Sarmayacar. Kingsway Capital, Crimson Seed Capital and Mentors Fund also participated in the round.
WHY IT MATTERS
Launched in 2014, Dawaai is touted to be Pakistan’s largest pharmaceutical marketplace that offers authentic and affordable medicines. On the enterprise end, it runs an online one-stop shop for the inventory needs of small pharmacies. With over 250 staff, the company is serving 11 million people across the country with deliveries made in 98 cities.
The healthcare merchant also provides other web and mobile app-based services, including teleconsultations, nursing, physiotherapy and at-home lab testing.
The latest funding round brings a total investment of $10.5 million for the company to date. In a press statement, Dawaai said it will deploy the proceeds to build a pharmaceutical supply chain infrastructure in Pakistan, as well as invest in technology for business optimisation.
THE LARGER TREND
Digital pharmacies drew investments from various sources in 2020 as lockdowns forced customers to purchase medications online.
In July last year, NowRx bagged $20 million in Series B funding for its expansion. In the same month, Medly also closed a financing round where it raised $100 million.
Online pharmacy platform GoodRx debuted in the Nasdaq in September where it drew $1.1 billion from cornerstone investors.
ON THE RECORD
“We are laser-focused on our mission to make healthcare accessible and affordable for the people of Pakistan and wider South Asia. The first step in achieving that is building the missing pharmaceutical supply chain infrastructure in the markets we operate and honing the next generation of talent to take our economies forward. This financing is enabling us to carry forward on our journey to make the lives of people better across the length and breadth of Pakistan, with a low-cost healthcare model for all Pakistanis,” Dawaai Founder Furquan Kidwai said.