Spawning the total raised fund worth US$37 million of a Series B2 round, SwipeRx aims to hook over 12,000 retail pharmacies in its ecosystem.
Heaptalk, Jakarta — A digital pharmacy platform, SwipeRx, has received an additional capital injection worth US$10 million, or nearly Rp151.3 billion. This latest investment is part of a new Series B2 round, becoming the total capital raised worth $37 million.
Several investors have been involved in this round, spanning the global pharma Sanofi’s Global Health Unit and Cercano Management. In addition, the existing investors, covering Susquehanna International Group (SIG), Johnson, and Patamar Capital, also back this investment round.
With this fresh injection, SwipeRx startup will broaden Business to Business (B2B) platform for the pharmaceutical industry in the primary market, establish a logistics and pharmaceutical financing system, enlarge the pharmacy network, and reinforce the company’s data team.
In response to the successful fundraise, the Founder and CEO of SwipeRx, Farouk Meralli, admitted, “From our inception, we have been obsessively focused on reaching our goal of elevating the quality, availability, and affordability of medicines across Southeast Asia. This investment has verified our growth in amplifying the economic fundamentals and leading the market. Through this capital injection, we look forward to expediting our progress further,”
Previously, SwipeRx divulged its Series B round worth US$27 million, or equal to Rp408.8 billion, in May 2022, led by MDI Ventures Indonesia and supported by Bill and Melinda Gates Foundation, Johnson and Johnson Impact Ventures, and SIG.
Backing up this funding round, the Managing Director of Cercano, MJ Yu, perceived the Covid-19 pandemic has accelerated and strengthened digital healthcare adoption in the region. However, he considered the healthcare system complex and fragmented, including the pharmaceutical sector.
By injecting the capita into this pharmacy platform, Yu is confident that SwipeRx could become a regional category leader in the B2B ecosystem, with digitalization, collaboration, and transparency at its core. He also realized the immense scale and potential of the problem they were addressing. For this reason, Cercano company is excited to back the SwipeRx team for its next growth phase.
Business increment of SwipeRx
To date, this digital pharmacy service platform owns more than 250,000 pharmacy professionals and 50,000 pharmacies on its digital network. This platform provides users across the region with the digital tools and information they need to serve patients better and manage their pharmacies.
On the other hand, this startup has worked with leading pharmaceutical companies, government entities, and Non‑Governmental Organizations (NGOs) to thrive in the pharmacy ecosystem entirely. The company claimed its users come from several countries, spanning the Philippines, Vietnam, Malaysia, Thailand, Cambodia, and Indonesia as the most significant market.
In Indonesia, SwipeRx has penetrated more than 12,000 retail pharmacies, amounting to a quarter of all pharmacies in the archipelago, with over 8,000 also utilizing the B2B commerce platform. In addition, this startup has unveiled a new Point of Sale (POS) and inventory management system, which has snowballed more than 1,000 pharmacies in the country.
“SwipeRx has showcased its capability to drive impact by empowering even the most remote pharmacies to increase patient care. We are excited to play a role in the startup‘s scale-up journey as investors and partners through our Impact Fund, with a focus on the model’s applicability in lower-income countries, including Cambodia.” The Head of the Sanofi Global Health Unit, Jon Fairest, said.
