Angels Hope this Chemist will Reap Healthy Profits Soon
Bengaluru: Reap Chemist, which runs an eponymous B2B supply chain management mobile application for pharmacies, has received an undisclosed amount in seed funding from a clutch of angel investors including FreeCharge founders Kunal Shah and Sandeep Tandon, Thinklabs founder Gagan Goyal, and Chayos cofounder Nitin Saluja.
The Mumbai-based startup will use the funds to improvise its product and expand operations, said Siddharth Gadia, CEO of Reap Che- mist. Promoted by Workcell Solutions, the Reap Chemist app helps pharma stores increase sales conversion by solving issues at the supply-chain level. “The ₹ 20-billion Indian pharma distribution market is highly fragmented with 10,000plus pharma companies, 60,000-plus distributors and 600,000-plus pharmacies,” said Gadia. “We have been able to crystallise the core problems that the eventual customers of this B2B supply chain, i.e. the pharmacies, face and we are solving these real problems one by one.”
The app that helps solve supply chain management issues at the pharmacy level — including complex distribution, poor stock visibility, working capital constraints, and absence of a singular marketing medium, among others — has over 6,000 pharmacy stores signed up on their platform across four cities — Jaipur, Surat, Ahmedabad and Nashik. It recently launched Chemist Community— a professional network of pharmacy store owners and distributors who collaborate business details to increase sales.
“We see a lot of disruption opportunity in the B2B pharma supply chain through new-age technologies. It is a huge market with good margins in the chain. Team reap is approaching the problems of a very complex supply chain in an interesting way,” said Sandeep Tandon, cofounder of FreeCharge and an investor in the angel round.