- Retail Pharmacy Chain company Wellness Forever raises Rs 130 crore from Adar Poonawalla, Allana Group, and others.
- Wellness Forever will use this fund for expansion and strengthening its private label brands.
Mumbai-based retail pharmacy chain company Wellness Forever Medicare raises Rs 130 crore (or about $17.6 million) in funding led by Adar Poonawalla (CEO of Serum Institute of India) and food production company Allana Group.
Existing investors, including Rajiv Dadlani (Investor & CEO of Consort Capital) and venture capitalist Sajid Fazalbhoy, also participated in this funding round.
The company will use this funding for retail expansion and strengthening its private-label brands, which are under 100% subsidiary.
In November 2014, The company first raised an undisclosed amount in Seed funding from a Singapore-based angels network.
Following, In April 2015, Wellness Forever had raised $3.4 million (or about Rs 22 crore) as part of its Seed funding round from Rajiv Dadlani and Amit Patni (Co-founder & Chairman of Nirvana Venture Advisors).
According to the reports, Allana Group owns a 0.79% stake in Wellness Forever Medicare Pvt. Ltd., While Serum Institute owns about a 15% stake in the company.
The company said that it is profitable since its founding, generated revenue of about Rs 1,000 crore in the current fiscal year. The company also said that it has more than 1 million paying customers.
"We plan to strengthen our private labels that have gained popularity over the years. We will continue to add more retail stores and reach out to our customers not just through brick and mortar outlets but also through online channels," said Gulshan Bhaktiani (Founder & Director of Wellness Forever Medicare).
"We are very impressed with their growth, profitability, capital allocation, vision, and ethics. The promoters having a collective experience of over 100 years of operating profitable pharmacies. Along with their management team, they have done a splendid job and the company enjoys amongst the highest operating metrics and productivity in the entire retail space," said Rajiv Dadlani.
About Wellness Forever Medicare - Wellness Forever Medicare is a retail pharmacy chain company founded in 2008 by industry experts Gulshan Bakhtiani, Ashraf Biran, and Mohan Chavan.
Wellness Forever claims that the company is growing by 35% year-on-year with more than 4,000 employees, including 800 pharmacists. It has over 200 stores in Maharashtra, Goa, and Karnakata.
The company aims to add over 150 more stores by the end of 2021 and over 1,000 retail outlets in the next three years.