Dawaai, a Pakistani online pharmacy and healthcare platform has increased investment from the country’s leading VC Sarmayacar, London-based Kingsway Capital, and San Francisco-based Mentors Fund.
Company did not reveal the amount of the investment however some sources confirmed that it is a seven-figure (USD) round with Sarmayacar being the largest investor in it.
Kingsway Capital pointed out in a statement that they has previously also invested in Pakistani real-estate startup Zameen’s parent company Emerging Markets Property Group (EMPG). They’ve also invested in different new startups of the region including Jordan’s Mawdoo3 and Egypt’s BasharSoft.
Dawaai was founded in 2013 by a former investment banker Furquan Kidwai. It was one of the first of its kind platforms of the country to digitize the pharmaceutical logistics in Pakistan. Now the startup starting online pharmacy focusing on both businesses (retail pharmacies, medical stores, and other businesses) and individuals selling medicines, medical equipment, and personal care and fitness products all over Pakistan. Dawaai give free shipping of orders over PKR 500 ($3) across Pakistan.
Clients are required to upload their physician recommended medicine written on the prescription by using the app, website or share them over WhatsApp with a Dawaai representative.
The Karachi-headquartered startup that sources medicines directly from producers and ‘established distributors’ declared to have developed over 6x in scale in the last twelve months.
Additionally Dawaai allows them to arrange different lab tests requested online including Covid-19. The lab tests are apparently being offered in corporation with different laboratories and hospital which offer home sampling service.
The startup is delivering insulins for half price for patients in low-income localities with a valid prescription from govt hospitals and giving doctor consultations for free via app due to the spread of Coronavirus (Covid-19).
Co-founder and CEO of Dawaai Furquan Kidwai informed media that they plan to utilize the investment for further strengthening their infrastructure, supply chain and logistics for pharma, supported with profound use of technology to derive economics out of it.
He said that Healthcare should be available and affordable for everybody, and , and to get that we are setting up the infrastructure, supply chain, and logistics. The way consumers access essential items are changing rapidlyas we expect the similar trend with their healthcare needs. Dawaai is positioning itself to lead the charge on fulfilling that customer request.
He added that we have raised with support of partners like Sarmayacar and Kingsway, we are focused on driving scale in the most capital-efficient manner and leading Pakistan’s healthcare system into the new era.
Founder and CEO of Sarmayacar Rabeel Warraich said, “Moving pharmaceutical products across Pakistan comes with logistical challenges, impacting margins in a price-controlled market. This creates the opportunity for a parallel counterfeit market to thrive as consumers cannot access affordable and authentic medicines. Dawaai, in our view, is tackling these very real pain points – by aggregating demand across the country and managing logistics end to end, customers now have a company that will bring authentic drugs direct from manufacturers and distributors to their doorstep.”
He added that “We believe Pakistan is quickly moving through its digital revolution and an increasing proportion of its population, much like other developed countries, will buy its drugs online in the years to come. We have absolute conviction in Furquan being the leader that will make Dawaai the leading role in transformation across Pakistan and beyond.