Y Combinator-backed Healthtech Startup Farmako Raises $1.6 Mn

Farmako, a Gurugram-based quick medicine delivery startup, has raised USD 1.6 million from existing investors and others including 535 West Capital, Bayhouse Capital, Goodwater Capital, Unpopular Ventures, and Jude Gomila. The company will use the funds to further expand into Delhi and Gurugram, as per media reports.

Founded by college friends Aman Bhandula, Kaishu Sahu, and Nikhil Kumar, Farmako is also in talks with some investors to close a Series A funding round later this year, claimed media reports.

The startup was started as an AI-powered EMR (electronic medical record) app for doctors to write digital prescriptions but after receiving backing from Y Combinator in 2020 and in March 2023, it pivoted to quick medicine delivery. It experimented in Gurugram, partnering with local pharmacy stores and Swiggy Genie for 30-minute medicine delivery, registering a huge demand, and decided to pivot to quick medicine delivery.

Farmako operates on an AI system that helps process prescriptions and deliver medicines faster. Currently, from Delhi, Gurugram, and Moradabad, it is operating its three pharmacies and claimed to complete more than 16,000 deliveries within a month. The company's annual gross order value exceeded USD 1 million, as per media reports.

The startup is partnering with the government on a long-term EMR vision, inspired by the government's Ayushman Bharat Digital Mission (ABDM) initiative. It also built a health ID product and onboarded over 3.5 million health records.