In a significant development for the Indian healthcare sector, omnichannel medicine delivery platform ZenoHealth has successfully closed a $25 million Series C funding round. The round was led by prominent South Korean private equity investor Stic Investment, with participation from returning investor Lightbox.
ZenoHealth, headquartered in Mumbai, specializes in selling generic medicines and aims to make quality healthcare accessible across India. The latest funding injection will be instrumental in supporting the company’s expansion plans and enhancing its technological infrastructure.
According to market research and data platform Tracxn, the Series C funding brings ZenoHealth’s total equity and debt raised across multiple rounds to $56 million. The company was valued at $90.6 million as of March 2022.
Commenting on the investment, Derrick (Kihyun) Yun, Managing Director of STIC, expressed confidence in ZenoHealth’s vision, stating, “ZenoHealth 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.”
Founded in 2017 by Siddharth Gadia and Girish Agarwal, ZenoHealth boasts a network of 180 stores and 200 micro franchises. The company has served 25 lakh consumers to date, offering a wide selection of high-quality generic and branded medicines.
Siddharth Gadia, Co-founder and CEO at ZenoHealth, welcomed STIC as a key partner in their journey and emphasized the company’s mission to make quality healthcare affordable to all. He stated, “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.”
Gadia further highlighted ZenoHealth’s ambitious goal of reaching and serving 1 crore consumers monthly, with the aim of reducing their healthcare expenditure by 50%.
Formerly known as Generico, ZenoHealth faces competition in the online generic medicine delivery space, including players like Alkemi-backed Medkart. However, with strong investor backing and a clear mission, the company remains poised for further growth and impact in the Indian healthcare market.
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