Generico, which has 400 employees and 41 stores across Mumbai, plans to use the recent funding to expand to 150 outlets and invest in building a supply chain and data, and bet on technology. It didn’t divulge its revenue, but claims to have 350,000 customers. Reports say it has made gross sales of over Rs 100 crore so far.
“We have a master franchisee, which owns and operates our stores. We have a supplier that provides all the goods to the franchise, as well as technology,” said Gadia.
Apart from selling generic medicines, Generico provides health care education and organise awareness camps on chronic diseases.
“We are devising technology-enabled solutions for diseases, such as diabetes, hypertension, and thyroid, which will empower the patients to manage their life better,” said Agrawal.
Sandeep Murthy, partner at Lightbox, which has closed its third fund at $209 million, said: “Chronic patients have no source of reliable information or network to rely on to help them manage their diseases. Generico’s pharmacies not only sell pills but also provide a suite of preventive health care solutions.”
The Centre’s Pradhan Mantri Jan-Aushadhi scheme provides generic drugs at a 50-90 per cent discount on their branded counterparts. According to reports, the government plans to amend the Drugs and Cosmetics Rules to specify separate colour code for generic medicines
from branded medicines.
Generico has a few competitors, too. Pharmacy chains StayHappi Pharmacy in 2018 joined hands with Thulasi Pharmacy to expand generic drugs stores in South India.