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Zeno Health, the Mumbai-based healthtech platform specializing in generic medicine delivery, announced today the successful closure of its Series C funding round, securing $25 million in investment. The funding round was led by prominent Korean private equity investor STIC Investments, with significant participation from existing investor Lightbox. This latest infusion of capital brings Zeno Health’s total equity and debt raised to $56 million across multiple rounds.
Founded in 2017 by IIT Bombay alumni Siddharth Gadia and Girish Agarwal, Zeno Health has rapidly evolved into India’s largest omnichannel pharmacy platform, currently operating 180 stores and maintaining a network of 200 micro-franchises. The startup aims to leverage the newly acquired funds to extend its reach to more consumers, expand its geographical footprint, and further enhance its technological infrastructure.
Siddharth Gadia, CEO and Co-founder of Zeno Health, expressed enthusiasm about the strategic partnerships formed during the funding round. “We are thrilled to welcome STIC as a key partner in our journey. Their investment, coupled with the continued commitment from Lightbox, signifies a resounding endorsement of our mission to make quality healthcare affordable to all,” he stated.
The company’s mission is to reach and serve 1 crore consumers monthly, with the ultimate goal of reducing healthcare expenditure by 50%. Derrick (Kihyun) Yun, Managing Director at STIC Investments, commended Zeno Health’s dedication to reshaping the healthcare landscape in India. “Zeno Health has demonstrated a remarkable commitment to reshaping the healthcare landscape in India. Their vision aligns with our values, and we look forward to contributing to their journey towards making quality healthcare accessible across India,” said Yun.
Zeno Health has achieved significant milestones in its six-year journey, serving 25 lakh consumers and providing savings of more than Rs 700 crore. Sandeep Murthy, Founder and Managing Director of Lightbox, praised the company’s accomplishments since their initial investment, stating, “In the five years since we invested in Zeno, the company has created the country’s largest omnichannel pharmacy platform for quality and affordable generic medicines.”
Formerly known as Generico, Zeno Health operates in the competitive online generic medicine delivery space, contending with rivals like Alkemi-backed Medkart. The company’s commitment to providing high-quality and affordable healthcare solutions positions it as a leader in the rapidly evolving healthtech sector in India.
With the infusion of funds from the Series C round, Zeno Health is poised to make significant strides towards achieving its mission and solidifying its position as a key player in the healthcare industry.
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