Karachi-based healthtech MedznMore has raised $2.6 million in a seed round, it announced in a statement today. The startup did not share the names of investors but told MENAbytes that the investment came from some ‘big local families’ and international investors who don’t want to disclose their names for now. MedznMore has also confirmed to MENAbytes that the entire investment came from external investors and added that it is the largest seed round raised by a startup in Pakistan.
Founded earlier this year by Asad Khan and Saad Khawar, MedznMore, as its name suggests is an online pharmacy, selling medicines with four-hour delivery in Karachi. The ‘more’ in its name refers to wellness products and medical devices which are also sold on its website.
Asad Khan, the CEO of the startup comes with over ten years of experience in healthcare companies in the United States and Europe. Prior to satarting MedznMore, he served Careem as a General Manager for almost three years. Saad Khawar, the co-founder and Head of Product & Strategy was previously with Pakistani online pharmacy startup Dawaai serving them as Head of Product.
Dawaai had raised a seven-figure (USD) investment earlier this year and currently delivers medicines across the country.
MedznMore is currently using its own logisitcs for operations in Karachi, “We’ve invested quite heavily in logistics, warehousing and fleet solutions. It is all inhouse right now with no 3PL at this stage,” explained Asad Khan, the co-founder and CEO of the startup in a conversation in MENAbytes. It is because of the in-house logistics the startup is able to offer 4-hour delivery.
Asad also told MENAbytes that they’re currently working to build replicable systems that they can use quickly to scale to other cities of the country including Lahore and Islamabad over the next six months.
In a statement, he said “At MedznMore, we want to solve the chronic problem of counterfeit drugs in Pakistan. In order to ensure 100 percent authenticity, all our medicines are procured either directly from the manufacturer or authorized distributors. In addition, we want to make the process more convenient than your local pharmacy, ensuring order delivery within 4 hours at the most affordable prices.”
The startup is starting with online pharmacy but has plans to exapnd into different other areas of healthtech, “Healthcare is one of the last few frontiers where technology hasn’t disrupted entrenched practices, which are complex, confusing and inconvenient for the consumers of healthcare services. Over the next few months we will be bringing in diagnostic, telehealth and personalized health insurance products, so customers can benefit from a one window solution for all their healthcare needs,” said Asad.
Saad Khawar, the co-founder and Head of Product & Strategy at the startup, said “At MedznMore, we are building a product that is based on the best technology stack, backed with operational efficiency and a well-managed logistics engine coming together seamlessly to provide our customers with an amazing experience.”