Zeno Health specializing in generic medicines raises $25M in a Series C round

Zeno Health, a Mumbai-based startup specializing in generic medicines, has closed a $25 million Series C funding round. The round was led by Korean private equity firm STIC Investments, with participation from existing investor Lightbox Ventures. 

Expanding consumer base 

With the fresh infusion of capital, Zeno Health aims to broaden its consumer base and enhance its technological infrastructure. The startup plans to expand its footprint and improve services, aspiring to serve one crore consumers monthly and reduce their healthcare expenditure by 50%.

Offering prescription medicines to patients 

Founded in 2017 by IIT Bombay alumni Siddharth Gadia and Girish Agarwal, Zeno Health operates 180 omnichannel stores and a network of 200 micro-franchises across Maharashtra. It offers a wide range of prescription medicines for chronic and recurring diseases, as well as non-prescription goods for general health, well-being, and personal care. 

The startup claims to have served 25 lakh consumers to date, showcasing its significant impact on the healthcare sector.

What did investors say about Zeno Health?

Derrick (Kihyun) Yun, managing director of STIC, said, "Zeno Health has demonstrated a remarkable commitment to reshaping the healthcare landscape in India. Their vision aligns with our values, and we look forward to contributing to their journey towards making quality healthcare accessible across India.”

“In the five years since we invested in Zeno, the company has created the country’s largest omnichannel pharmacy platform for quality and affordable generic medicines,” said Sandeep Murthy, Founder and Managing Director, Lightbox.

Lightbox Ventures, which first invested in Zeno Health in 2019, has so far deployed $25 million into the company, holding a 30% equity stake. 

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