Exclusive: Quick Pharma Startup Plazza In Talks To Raise $6 Mn From Z47
Superadmin
Bengaluru-based quick medicine delivery platform Plazza is in talks to raise around $6 Mn in a fresh round of funding, sources aware of the matter told Inc42. The round is likely to be led by Z47, sources added.
While majority of the investment will be infused by Z47 Partners, the startup’s existing investors like All In Capital and Better Capital are also likely to participate in the round.
Questions sent to both Plazza and Z47 Partners didn’t elicit any response at the time of publishing the story.
The fresh capital is expected to be used by the fresh round of capital to expand its operations and set up more dark stores in Bengaluru. Important to highlight that the startup is operational in a few localities in Bengaluru.
The fresh development comes almost six months after the startup raised $1.2 Mn from All In Capital and Better Capital.
Founded in 2024 by ex-Zomato executive Aman Priyadarshi and Kenko founder Aniruddha Sen, Plazza claims to deliver medicines within 60 minutes in select pincodes of Bengaluru. However, as per Sen’s Linkedin profile, he moved out of Plazza in February this year to launch an AI-powered legal tech startup, Miss Lucy.
Plazza initially partnered with seven licensed pharmacies and later launched a Lifestore in Yemalur to maximise sales and optimise inventory management.
The startup claims to have over 20,000 SKUs, including medicines and monitoring devices, which it delivers 24×7.
Plazza competes with the likes of Tata 1mg, Apollo Pharmacy, among others.
With rapidly shifting consumer preferences, the quick commerce industry is growing at a rapid pace. The Indian quick commerce market is poised to grow from $6.1 Bn in 2024 to $40 Bn by 2030, clocking a CAGR of 37%. The sector is expanding at nearly twice the 19% growth rate of the overall ecommerce industry. It is this opportunity which Inamo and its competitors are targeting.
The post Exclusive: Quick Pharma Startup Plazza In Talks To Raise $6 Mn From Z47 appeared first on Inc42 Media.
