Karachi-based firm closes $2.6m ‘seed round’

MedznMore wants to solve chronic problem of counterfeit drugs in Pakistan

KARACHI:

MedznMore – a Karachi based health tech company that began operations in August 2020 – has announced to close a seed round of $2.6m by a syndicate of local and international Investors.

“This is one of the largest seed rounds in Pakistan’s history, adding momentum to a rapidly evolving technology ecosystem,” said a statement issued to the media on Sunday.

Seed round refers to a series of related investments in which 15 or less investors "seed" a new company with anywhere from $50,000 to $2 million. This money is often used to support initial market research and early product development.

According to the statement, the operations of the newly formed company are initially focused on delivering medicines and other healthcare products to the customer’s doorstep. It is currently operational in Karachi with plans to launch and expand throughout Pakistan.

“MedznMore is building an impressive team, by attracting top talent from the likes of Daraz, Careem and other leading e-commerce players, which will allow the company to scale quickly leveraging knowledge from the wider ecosystem as well as addressing existing customer pain points,” it said.

The company is co-founded by Asad Khan, a senior Careem alum, and Saad Khawar, an e-commerce industry veteran. According to Asad, MedznMore wants to solve the chronic problem of counterfeit drugs in Pakistan.

“In order to ensure 100% authenticity, all our medicines are procured either directly from the manufacturer or authorized distributors. In addition, we want to make the process more convenient than your local pharmacy, ensuring order delivery within 4 hours at the most affordable prices,” he said.

Asad said healthcare is one of the last few frontiers where technology hasn’t disrupted entrenched practices, which are complex, confusing and inconvenient for the consumers of healthcare services.

“Over the next few months we will be bringing in diagnostic, tele-health and personalized health insurance products, so customers can benefit from a one window solution for all the healthcare needs.”

Saad Khawar said MedznMore is building a product that is based on the best technology stack, backed with operational efficiency and a well-managed logistics engine coming together seamlessly to provide our customers with an amazing experience.”

“The company has ambitious plans to build a platform with comprehensive healthcare verticals over the next coming months,” he added.