Biddano, a healthcare business formed by Talha Shaikh and Ashok Yadav in 2016, plans to utilize the funds to expand its product development, penetrate new markets, and innovate new products.
Listen to the audio
Biddano funding news
Biddano, a healthcare supply chain platform, announced on Monday that it has secured $2 million in a pre-Series A1 round from new and current investors such as Gokul Rajaram, JPIN, Venture Catalysts UK, and AngelList.
The money will be used to scale the company’s product development, expand into new markets, and innovate new products, according to the company.
Anuj Srivastava and Ramakant Sharma, co-founders of Livspace, were among the investors in the round.
Biddano is a full-stack technological platform that helps bridge supply chain gaps between distributors and pharmacists. It was founded in 2016 by Talha Shaikh and Ashok Yadav. It employs a “plug and extends” concept to assist distributors in managing demand and supply, particularly while scaling.
It now serves over 20,000 pharmacies and intends to expand to over a lakh in the following year.
“I am delighted to collaborate with Talha, Ashok, and the whole Biddano team on their path to develop the best healthcare supply chain platform,” said Gokul Rajaram, a product and business assistant at DoorDash who also consults and helps startups expand.
Biddano plans to utilize the funds to expand its product, engineering, and go-to-market teams, as well as hire for a variety of positions. It intends to increase its staff from 30 to 100 in the following ten months.
“In the pharmaceutical and over-the-counter (OTC) industries, there are over two lakh SKUs (stock-keeping units). Every SKU does not have to be stocked in a small drugstore. Instead, customers can use Biddano to make an order and have it delivered in less than three hours “Talha, a Pune-based startup’s co-founder stated.
The healthcare supply chain industry has recently seen a lot of interest from healthcare service providers, as well as a lot of institutional financing. Matrix Partners has invested $4 million in Saveo, a Bengaluru-based business. Pharmeasy Unicorn Pharmeasy has also just launched Retailio, a supply chain subsidiary. In April 2021, Digihealth, a business created by a coalition of Cipla, SunPharma, and a few other pharma companies, bought Pharmrack, which was financed by IvyCap Ventures.
Over the following several months, Biddano plans to target more than 10% of all pharmacies in India.