Mumbai: Bengaluru-based clinical supplies provider Pink Blue Supply Solutions Pvt. Ltd has raised Rs1.5 crore in a seed (early stage) round of funding from TermSheet.io, a transaction-focused service provider for start-ups and investors.
A group of angel investors also participated in the funding round, including Ajay Modani of Capillary Technologies.
PinkBlue, founded in 2014 by Valliappan Kumarappan and Varun Singh, will use the funds to ramp up technology, focus on customer experience, improve operational capabilities, put in place smart supply chain management across hospitals and clinics, and hire larger teams.
The firm is also working on bringing in analytics and automation at hospitals.
“A platform like ours helps manufacturers deal with this twin problem (analytics and automation) a lot more effectively—get their messages across to a large portion of their customers rapidly, have a more reliable channel for supplying their products to customers. With the external ecosystem completely fragmented and unorganized, it becomes extremely difficult to focus on process re-engineering inside hospitals,” said Kumarappan.
PinkBlue provides business-to-business (b2b) e-commerce solutions for clinical and medical supplies in India that include materials, equipment used by healthcare institutions during treatments. It connects manufacturers to healthcare institutions. The company is also removing pricing inconsistencies and reducing layers in the supply chain.
According to PinkBlue, manufacturers struggle due to high levels of fragmentation in the supply network. “PinkBlue is the first player in the dental materials supply market to organize and bring transparency in pricing, efficiency on delivery and convenience of online ordering of multiple brands at one marketplace. It has helped improve our inventory management, cut down expenses and reduce the time spent on ordering supplies,” said V. Ravinder, a doctor and an investor in the company.
PinkBlue has reached out to 1,500 customers, and, over the next 6-12 months, expects that number to rise to 10,000. It aims to achieve an annual realized revenue run rate of $4 million (about Rs27 crore). The company is also looking to focus on geographic and segment expansions during this time.