Generico, a generic medicine focussed retail chain in Mumbai, has raised $1.39 million in Series A from venture debt fund Alteria Capital. The investment was a part of Alteria’s venture debt fund of $134 million, which got its final close in July 2019. The company was founded by Siddharth Gadia and Girish Agarwal in 2013.
Earlier, it had raised $11 mn in Series A from Lightbox, marking the investment firms entry into the healthcare segment.
The company will utilize these funds to strengthen its supply chain, technology and healthcare prepositions.
In a media statement, Siddharth, Co-founder and CEO, said, “Our connect with Alteria first happened six months back and as young founders, we had many concerns at that time. However, Vinod and team had very patiently helped us navigate through all the concerns and once we decided to move forward, they worked with us through the whole process and helped us close the transaction extremely fast. Being extremely transparent, supportive and committed to future growth are the kind of partners we look for and are very fortunate to find them in Alteria.”
Generico is a B2B supply chain of generic medicines. It touched the lives of over 3,50,000 consumers in the journey so far saving them INR 25 Cr+ in a short span of 2 years.