Pharmeasy raises Rs 40 cr in debt

BENGALURU: E-pharmacy startup Pharmeasy has raised Rs 40 crore of debt, a combination of venture debt from InnoVen Capital and working capital lines. This is the second such venture debt financing by the company, which had raised Rs 15 crore from Trifecta Capital last year. CEO Dharmil Sheth said the venture debt would be used as working capital and for strengthening inventory.

“While equity funding is mainly used for growth, we plan to use the debt for building inventory to help distributors in their supply chain,” he said. The company operates on a model under which it procures medicines directly from manufacturers and delivers to customers at their doorstep.