TABLT (previously known as Sabse Sasta Dukaan), a Bharat focused online pharmacy which deals in medicines and healthcare products has secured $3 Mn funding from Siti Cable.
The capital will majorly be used by the brand for boosting its business development activities, driving its growth plans, and upscaling its marketing strategies.
The company’s existing investors include names such as Vinod Dugar from RDB Group, Raj Patodia from Signum Group, Sunil Singhvi from South Handlooms, Manoj Mehta from MTC Group, Gunavanth Vaid from 4G Capital, Aniket Gore from Ceramet group, and Kumar Subramanium, a global banker.
Founded in 2018, TABLT provides its services of same-day medicine delivery in semi urban & rural areas in the states of West Bengal, Bihar, Jharkhand and Odisha.
The company claims to have witnessed a positive impact on their business in the second wave of the Covid19 pandemic. They share that their revenue has grown 9X times since last year. Additionally, there has been a significant rise in the number of new customers onboarded and they are aiming to make a revenue of INR 400 Cr in the next 2 years.
Elucidating about securing the required financial assistance from Siti Group, Anish Agarwal, CEO, TABLT, says, “We are elated to have associated with Siti Group and thank them for believing in our vision. We will be utilizing the investment to bolster our expansion plans and improve our business acquisition and development activities so as to ensure that we are always at the forefront of the industry in the markets that we are present in or are planning to foray into. Siti Group as a brand has been a pioneer in the Indian media industry and has a good presence in semi-urban and rural markets which is our key targeted area. Apart from the monetary terms, we are also aiming at having powerful synergies with the group in the times ahead.”.
While speaking about the reasons behind investing, Suresh Sethiya, director, ICNCL, says, “Bharat market is still untapped as far as online pharmacies are concerned. I believe that TABLT Pharmacy has the potential to grow significantly and occupy a major share in the coming years. The huge market they are present in and their enthusiastic founding team is what attracted us and made us agree to this collaboration. We saw huge potential in them and this nudged us to sign the deal ”.
So far, TABLT has 400 franchises. The company is currently operating in four states- West Bengal, Bihar, Jharkhand and Odisha and is also planning for a pan India expansion in the next financial year. The company also hints about launching its first offline store in Kolkata soon and assures that it will share the details about the same at the right time.
Besides online retailers such as Apollo and Himalaya and 1mg, TABLT competes with Reliance-owned NetMeds and PharmEasy, among others in the online pharmacy segment.
According to an Inc42 Plus report titled, India’s Healthtech Landscape In A Post-Covid-19 World, the Indian healthtech market is projected to reach a market size of $21.3 Bn by 2025, from $5.2 Bn in 2019. The market is expected to grow at a CAGR (compound annual growth rate) of 27% between 2020-25 and will acquire 3.2% of the global healthtech market pie by the end of the period.
Within healthtech, online pharmacies have proven to be the most attractive bet for investors, having attracted funds worth $462 Mn between 2014-19, the most among the various sub-segments for India’s healthtech startups such as telemedicine and fitness and wellbeing, among others.
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