Ratan Tata, Chairman of Tata Group has invested an undisclosed amount in the pharmaceutical start-up Generic Aadhaar in his personal capacity
The company is run by its 18-year-old founder and CEO Arjun Deshpande who began his venture at 16 with an aim to bring affordable medicines to the masses.
Generic Aadhaar is a pharmacy-aggregator which sources generic drugs directly from the manufacturer and provides them to the retailers, thereby cutting out the middlemen completely.
Generic Aadhar has already tied up with 30 retailers from Mumbai, Pune, Bangalore, and Odisha following a profit-sharing model. The company has currently employed 55 people which include pharmacists, IT engineers, and marketing professionals.
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Arjun Despande says that his primary goal is to protect the smaller family-owned stores in the country by giving them access to inexpensive generic medicine.
Currently the company supplies diabetes and hypertension drugs but will soon start offering cancer drugs at much lower rates than the market price. As of now, the start-up claims to have annual revenue of Rs 6 crore. Deshpande is aiming at a revenue of Rs 150-200 crore in the next three years.