Ratan Tata invests in Mumbai based startup led by an 18-year-old that sells cheap medicines
Ratan Tata is known for backing youngsters and investing in new businesses. In his latest move, the business tycoon has picked up a stake in a a Mumbai based pharmacy retail chain called Generic Aadhar.
Ratan Tata is known for backing youngsters and investing in new businesses. In his latest move, the business tycoon has picked up a stake in a a Mumbai based pharmacy retail chain called Generic Aadhar. The retail chain is promoted by an 18-year old Arjun Deshpande.
Based on a B2B model, Generic Aadhaar sources generic drugs directly from the manufacturer and provides it to the retailers, thereby cutting out the middlemen's expenses from the supply chain completely and delivering medicines to masses at a much lesser cost.
The startup claims to have an annual revenue of Rs six crore and is targeting Rs 150-200 crore in the next three years. It supplies diabetes and hypertension medicines but will soon start offering cancer drugs at rates much lower than the market price. The startup has tie ups with four WHO-GMP certified manufacturers in Palghar, Ahmedabad, Pondicherry, and Nagpur.
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“When Ratan Tata came to know about the business plan, he decided to be a part of this mission in a personal capacity and help Generic Aadhaar to reach every Indian,” Arjun Deshpande, Founder and CEO said.
Before this, Tata has invested in platforms like Paytm, Ola, and Urban Ladder.
The investment comes at a time when the entire country is battling the coronavirus outbreak. Last week, Ratan Tata and Tata Sons, pledged a generous Rs 1,500 crores to aid the nation in combatting the COVID-19 pandemic.
Tata Trusts, helmed by Ratan Tata, committed Rs 500 crore and Tata Sons, the principal holding company of the salt-to-software conglomerate, announced another Rs 1,000 crores to manufacture ventilators, protective gear, Covid-19 testing kits and facilities to treat infected persons.
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