MedznMore, a tech-based health care company, has raised more than $11.5m in investment in a pre-series A round, according to a press release issued by the company.
It is the largest investment in health tech to date. The company was founded by Babar Lakhani, Asad Khan, and Saad Khawar in 2020.
It is a B2X pharma delivery platform that is transforming healthcare in Pakistan, which is tackling fundamental problems that have persisted for decades in buying medicines and wellness products for consumers and retail pharmacies alike.
“We built MedznMore with the core focus of making quality healthcare affordable and accessible for the 5th largest population in the world. Today we have seven cold chain enabled warehouses in 3 cities and over the course of the year, we will be opening a new city each month, giving us a presence in 9 cities across the country by the end of the year. On the product side we are laser-focused on the user experience for both shopkeepers and consumers, for whom we will be adding new value add services and offerings in the coming months,” said Co-founder Babar Lakhani
The start-up works directly with pharmaceutical companies and authorized distributors to sell products at competitive prices. It also ensures that medicines are always available to pharmacies and consumers by doing same day and next day deliveries.
“In a market of over 220m people, where public healthcare spending is only 1.2% of GDP, and where 55% of all healthcare spending is out-of-pocket, people generally rely on medicines to alleviate their suffering rather than spend on unaffordable medical procedures. Ensuring the accessibility of affordable and authentic medicines is essential. At MedznMore our aim is to make health and wellness products available in all corners of the country,” said Co-founder Asad Khan.