Biddano, a Pune-based healthcare supply chain platform, has secured $2 million in a round led by Gokul Rajaram, a board member of global giants Coinbase and Pinterest, and a mix of new and existing investors.
Apart from Rajaram, JPIN Venture Catalysts UK, Anuj Srivastava, Ramakant Sharma, and current investors Venture Catalysts and AngelList, took part in the investment round.
The startup intends to use the new money to invest in the product, engineering, and marketing teams to provide more value-added services, improve customer experience, develop new products, and strengthen its market leadership.
Biddano, by the way, is hiring across multiple verticals and expects to increase its personnel from 30 to 100 in the next ten months.
Biddano was founded in 2016 by Talha Shaikh and Ashok Yadav to improve offline pharma distribution networks by using technology to bridge supply-chain gaps between distributors and pharmacies.
To help distributors manage demand and supply while expanding their geographic reach, the startup employs a “plug and expand” concept.
By allowing orders from numerous distributors to be readily combined into pharmacy-specific deliveries, Biddano’s digital platform makes order administration easier for chemists and hospitals. Through its virtual inventory software, its technology also assists pharmacies with “just-in-time” purchase options.
The Pune-based startup now has over 20,000 pharmacies on its network and wants to expand to over one lakh pharmacies in the next 12 months to become India’s largest healthcare supply chain, logistics, and payment platform in the next two to three years.