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| Ratan Tata invests in Generic Aadhaar to bring affordable medicines to masses!18-year-old’s pharma venture! |
Having juggled school and an entrepreneurial venture, Arjun has a hectic agenda ahead of him. The next few months will see the retail network expand to about 300 – 400 chemists in other states as well, besides the launch of a mobile application to network retail chemists with customers in the vicinity.
Ratan Tata, on Thursday, invested an undisclosed amount in pharmaceutical venture Generic Aadhaar. Founded by Arjun Deshpande, the startup claims to have an annual revenue of Rs 6 crore and is looking at a revenue of Rs 150-200 crore in the next three years.
Generic Aadhaar follows a pharmacy-aggregator business model sourcing generic drugs directly from the manufacturer and providing it to the retailers, thereby cutting out the middlemen completely and delivering medicines to masses at a much lesser cost. It is a B2B2C model that aims at providing Indians with affordable medication by supporting single medical stores across the nation which otherwise face competition from big brands and online pharmacies. Under Generic Aadhaar, the company provides medication directly from WHO-GMP facility and has tied up with 30 retailers from Mumbai, Pune, Bangalore and Odisha following a profit-sharing model.
Deshpande, said in a statement, “Our mission is to provide senior citizens and pension holders the care they deserve with our idea of delivering inexpensive medicines which are required on a daily basis.”
The larger plan is to spread across 1000 pharmacies in Gujarat, Tamil Nadu, New Delhi, Goa and Rajasthan. Generic Aadhaar will provide the support, technology and branding , for example, with its team of 55 employees. And the association with Mr Tata will help the startup “spread its wings” to every city in the country, the company said.
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