Monday, April 15, 2024

Pakistan’s MedznMore raises $2.6 million seed for its online pharmacy

MedznMore, based in Karachi, has raised $2.6 million in a seed round, it said in a statement today. The start-up did not share investor names, but told that the investment came from some ‘huge local families’ and global investors who for now do not want to reveal their names. MedznMore also stated to that all the investment came from foreign investors and added that it was the largest round of seeds generated in Pakistan by a start-up.

MedznMore, as its name suggests, was founded earlier this year by Asad Khan and Saad Khawar, and is an online pharmacy that sells four-hour delivery drugs in Karachi. The more’ in its name refers to health products and medical devices on its website that are also sold.

Asad Khan, startup’s CEO has more than 10 years of experience with healthcare firms in the United States and Europe. He led Careem as General Manager for almost three years prior to saturating MedznMore. The co-founder and Head of Product & Strategy, Saad Khawar, had previously worked as Head of Product with Pakistani online pharmacy start-up Dawaai.

Earlier this year, Dawaai raised a seven-figure (USD) investment and currently delivers drugs across the region.

“We have invested quite heavily in logistics, warehousing and fleet solutions. MedznMore is currently using its own logistics for operations in Karachi. It’s all in-house right now at this point with no 3PL,” explained Asad Khan. The start-up is able to provide 4 hours of delivery because of the in-house logistics.

Asad also told that they are currently working to construct replicable systems that can be used rapidly over the next six months to scale to other cities in the country, including Lahore and Islamabad.

“We want to address the persistent issue of counterfeit drugs in Pakistan,” he said in a statement. All our medicines are procured directly from the manufacturer or registered distributors in order to ensure 100 percent authenticity. Furthermore, we want to make the process more convenient than your nearest pharmacy, promising order delivery at the most reasonable rates within 4 hours.

The startup begins with online pharmacy, but plans to expand into various other areas of health technology. “Healthcare is one of the last few frontiers where technology has not undermined entrenched practices that are difficult, frustrating and inconvenient for healthcare service users. We will put in diagnostic, telehealth and customized health insurance plans over the next few months, so that clients will benefit from a one-window approach for all their healthcare needs,” Asad said.

“We are developing a product at MedznMore that is built on the best technology stack, supported by operational efficiency and a well-managed logistics engine that comes together smoothly to provide an outstanding experience for our customers,” claimed the co-founder and Head of Product & Strategy at the startup, Saad Khawar.

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