The company proclaimed that it has accomplished its Pre-Series A round marking the highest investment in health tech to date. MedznMore has a mission to redesign healthcare in Pakistan by increasing the availability of authentic medicine and services all over the country to reach all 220 million people.
The company raised $2.6 million in September 2020, which was then the biggest seed round in Pakistan, bringing the entire funding since initiation to over $14 million. The country’s largest Pre-Series A to date comprised Nunc Gestion, Atlas Group, Integra Partners, Sturgeon Capital, and Alta Semper with follow-on participation from Lakson Group.
Moreover, MedznMore was founded in late 2020 by Babar Lakhani, Saad Khawar, and Asad Khan. It is a B2X pharma delivery platform that is changing healthcare in Pakistan.
Read more: Pakistani healthtech startup MedznMore raises $2.6mln seed for its online pharmacy
“In a market of over 220 million people, where public healthcare spending is only 1.2% of GDP, and where 55% of all healthcare spending is out-of-pocket, people generally rely on medicines to alleviate their suffering rather than spend on unaffordable medical procedures. Ensuring the accessibility of affordable and authentic medicines is essential. At MedznMore our aim is to make health and wellness products available in all corners of the country.” – the founder Asad Khan said.
Moreover, Babar Lakhani stated, “We built MedznMore with the core focus of making quality healthcare affordable and accessible for the 5th largest population in the world. Today we have seven cold chain enabled warehouses in 3 cities and over the course of the year we will be opening a new city each month, giving us a presence in 9 cities across the country by the end of the year. On the product side, we are laser-focused on the user experience for both shopkeepers and consumers, for whom we will be adding new value add services and offerings in the coming months.”
MedznMore has passed through phenomenal traction and is among the top five largest startups in Pakistan by revenue increasing over 40% month over month over the last year. The startup provides more than 100,000 products from its warehouses every day led by a team of over 800 people.
“The team at MedznMore has demonstrated in a short time a level of focus and quality of execution that has led to tremendous traction in the large and important pharmaceutical market of Pakistan. This combined with a clear vision of the product road map leads us to believe that the company will be a category leader in the pharmaceutical market not only in Pakistan but the broader region. We’re proud to be invested in the company and excited for the journey ahead” – Kiyan (Sturgeon Capital)