FreeCharge founders, Chaayos CEO back B2B pharmacy app Reap
Mumbai-based Workcell Solutions Pvt. Ltd, which runs B2B app for pharmacies Reap, has raised an undisclosed amount in seed funding from FreeCharge founders Kunal Shah and Sandeep Tandon, Chaayos co-founder and CEO Nitin Saluja and Thinklabs founder Gagan Goyal, a financial daily reported on Wednesday.
The company will use the funds to develop the product further and expand operations, said a report in The Economic Times.
Reap, founded by IIT-Bombay alumnus Siddharth Gadia, solves supply-chain management issues at the pharmacy level, including distribution, stock visibility and working capital constraints. Besides, it also helps pharmacies increase their sales conversions.
E-mail queries sent by Techcircle to the company remained unanswered at the time of filing this report.
CEO Gadia told the newspaper that Reap has been able to crystallise the core problems facing pharmacies, adding that the company saw a huge disruption opportunity in the segment.
The app has so far tied up with 6,000 pharmacy stores in cities such as Jaipur, Surat, Ahmedabad and Nashik.
Reap recently launched Chemist Community, a network of pharmacy store-owners and distributors.
In September 2016, Pune-based Pharmarack Technologies Pvt. Ltd, which provides software-as-a-service applications for automated order-processing and inventory management to pharmaceutical retailers and distributors, had raised Rs 5 crore ($745,000) in a pre-Series A round of funding.