Ratan Tata Invests in 18-Year Old's Arjun Deshpanday Pharma Startup
Ratan Tata picks up stake in 18-year old's pharma startup
Ratan Tata, chairman emeritus at Tata Sons, on Thursday invested an undisclosed amount during a pharmaceutical start-up Generic Aadhaar, in his personal capacity. The startup is going past 18-year-old Arjun Deshpande, who is that the founder and CEO. The Mumbai-Based teenager began his venture two years ago with an aim to bring affordable medicines to the masses.
“When Sir Ratan Tata came to understand about the business plan, he was impressed and decided to be a section of this mission during a personal capacity and help Generic Aadhaar to succeed in every Indian," said Deshpande.
- The startup sources generic drugs directly from the manufacturer and sells it to retail pharmacies, eliminating 16-20% wholesaler margin.
- These pharmacies are single medical stores which otherwise face competition from big brands and online pharmacies.
The startup sources generic drugs directly from the manufacturer and sells it to retail pharmacies, eliminating 16-20% wholesaler margin. These pharmacies are single medical stores that otherwise face competition from big brands and online pharmacies. Generic Aadhar has already bound with 30 retailers from Mumbai, Pune, Bangalore, and Odisha following a profit-sharing model.
In the coming months, Deshpande plans to partner with 1,000 pharmacies on a franchisee-based model and expand his reach to cities like Gujarat, Tamil Nadu, Andhra Pradesh, and New Delhi. Generic Aadhaar will provide all the support to the unorganized sector by bringing the proper technology, IT infrastructure, and branding to the forefront. the corporate has about 55 employees, which include pharmacists, IT engineers, and marketing professionals.
The startup claims to possess annual revenue of ₹6 crores and is observing a revenue of ₹150-200 crore within the next three years. "Our unique business ideology gives us a foothold over the other competitors within the market currently as we aim to bring affordable healthcare to many family circles. Our mission is to supply senior citizens and pension holders the care they deserve with our idea of delivering inexpensive medicines which are required on a day today," said Deshpande.
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Currently, Generic Aadhaar supplies diabetes and hypertension drugs but will soon start offering cancer drugs at rates less than the market value. The start-up also features a tie-up with four WHO-GMP certified manufacturers in Palghar, Ahmedabad, Pondicherry, and Nagpur. In the past, Ratan Tata has invested in many startups including Ola, Paytm, Snapdeal, CureFit, and concrete Ladder.
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