Biddano, a healthcare supply chain platform, today announced the close of a $2 million Pre-Series A1 financing round led by Global Product Leader Gokul Rajaram, with participation from new investors, JPIN, Venture Catalysts UK, Anuj Srivastava and Ramakant Sharma, and existing investors Venture Catalysts and AngelList.
The new funding will enable Biddano to fulfil strong market demand for its supply chain platform by investing in the product, engineering and go-to-market teams to offer more value-added services, improve customer experience, develop new products, and strengthen its leadership in the market. Biddano is hiring across various roles and verticals and plans to grow its headcount over the next ten months to 100 from the current 30.
Founded by Talha Shaikh and Ashok Yadav, Biddano aims to revolutionize offline pharma distribution networks by bridging supply-chain gaps between distributors and chemists through technology. It uses a ‘plug and expand’ model to help distributors manage their demand and supply while expanding their geographical reach.
“Biddano wants to be a one-stop supply-chain solution for all healthcare products in the country, and improve the quality of healthcare by building India’s largest healthcare supply chain platform,” said Ashok Yadav, co-founder of Biddano.
“We help healthcare ecosystem stakeholders expand their reach through innovative technology solutions, and by entering new geographies with a broader suite of products. Our mission is to empower pharmacies and distributors to create a stronger, robust, and more efficient ecosystem for healthcare consumers,” he added.
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.
Biddano currently serves more than 20,000 pharmacies and plans to scale to more than 100,000 pharmacies on its network in the next twelve months. There are around 850,000 pharmacies in India, and Biddano plans to cover 25+ markets over the next twelve months and serve more than 10%+ of all pharmacies in India within the next few months. Over the next two to three years, Biddano wants to become India’s largest healthcare supply chain, logistics, and payment platform.
“There are more than two lakh SKUs in the pharma and OTC category. A small pharmacy store doesn’t have to stock every SKU, Instead, they can place an order through Biddano and get it delivered in less than three hours,” added Talha Shaikh, co-founder of Biddano.
With its virtual inventory model, Biddano helps pharmacy shops improve their efficiency and maintain positive cash flow. It works with over 150 authorized distributors today to capture a significant market share of the $80 billion markets across healthcare services and healthcare and FMCG products.
“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 the leading healthcare supply chain platform, and strongly believe they will revolutionize the healthcare services and pharma industries,” Rajaram stated.