New investors JPIN Venture Catalysts UK and Livspace founder Ramakant Sharma as well as existing investors Venture Catalysts and AngelList also participated in the fundraising.
The Pune-based startup will use the fresh capital for product development, engineering and to build its go-to-market teams. It plans to grow its headcount to 100 from the current 30 over the next ten months.
Founded in 2016 by Talha Shaikh and Ashok Yadav, Biddano pivoted to the business-to-business model in late 2018. The company now connects local distributors with pharmacies and fulfills orders in under three hours. It uses a plug-and-expand model to help distributors manage their demand and supply while expanding their geographical reach.
The startup operates in 10 cities and works with 20,000 chemists. It plans to scale to more than 100,000 pharmacies in the next twelve months. It is working towards becoming a one-stop supply-chain solution for all healthcare products.
“Our mission is to empower pharmacies and distributors to create a stronger, robust, and more efficient ecosystem for healthcare consumers,” Yadav said.
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Biddano’s tech platform simplifies order management for chemists and hospitals by enabling orders from multiple distributors to be easily consolidated into pharmacy-specific deliveries. Biddano’s platform helps pharmacies with “just-in-time” procurement solutions through its virtual inventory app.
The startup works with over 150 authorised distributors, who form its paid customer base.
“I have been extremely impressed with Biddano’s mission to build a stronger healthcare ecosystem for India,” said Gokul Rajaram. “I am excited to partner with Talha, Ashok and the entire Biddano team on their journey to build a leading healthcare supply chain platform, and strongly believe they will revolutionise the healthcare services and pharma industries.”