The chairman of the Tata group on Thursday revealed that he has invested an undisclosed amount into a pharmaceutical start-up Generic Aadhar. The investment is in his personal capacity.
The start-up Generic Aadhar is headed by Arjun Deshpande, the 18-year-old who is both the founder and the CEO of the company. The venture was started by Arjun two years ago with an intent to make medicine affordable to the masses. Deshpande spoke about the development and said,
“When Sir Ratan Tata came to know about the business plan, he was impressed and decided to be a part of this mission in a personal capacity and help Generic Aadhar to reach every Indian.”
Generic Aadhar basically resources generic drugs from the manufacturer and sells it to retail pharmacies by cutting out a 16-20 percent wholesaler margin. The pharmacies to which the company sells the subsidized medicines are single medical stores that face competition from big branded medical pharmacies. The company has already tied up with 30 retailers across the cities of Mumbai, Pune, Bengaluru, and Odisha.
With Generic Aadhar, Deshpande aims to partner with more than 1,000 pharmacies in the coming months. It will be on a franchise-based model and the move is expected to spread across cities in the states of Gujarat, Tamil Nadu, Andhra Pradesh, and New Delhi. By bringing the right technology, IT infrastructure, and branding, Generic Aadhar will provide all the support to the unorganized sector.
6 Crore of Turnover
Currently, the start-up employs about 55 employees and claims to have annual revenue of around 6 crore rupees and has projected a revenue of 150-200 crores in the upcoming three years. Deshpande said,
“Our unique business model gives us an edge over any other players in the market currently as we aim to bring affordable healthcare to millions of households. Our mission is to provide senior citizens and pension holders the care they deserve with our idea of delivering inexpensive medicines which are required on a daily basis.”
Generic Aadhar also has a tie-up with four World Health Organisation-GMP certified manufacturers in Palghar, Ahmedabad, Pondicherry, and Nagpur. This isn’t the first time Ratan Tata has invested in a company. He has previously invested in Ola, Paytm, Snapdeal, CureFit, and Urban Ladder.