Mumbai’s Zeno Health Acquires Tablt Pharmacy to Enter Eastern Market

Established in 2017 by IIT Bombay alumni Siddharth Gadia and Girish Agarwal, Zeno Health has become the primary destination for generic medicines in the region.

In a strategic move to bolster its presence in Eastern India, Zeno Health, an omni-channel platform for quality and affordable generic medicines, has acquired Kolkata-based startup Tablt Pharmacy.

The acquisition is part of Mumbai-based Zeno Health's expansion plans to strengthen its footprint in the states of West Bengal, Odisha, Bihar, and Jharkhand.

Tablt Pharmacy, an online pharmacy startup, has been operating in Tier II to Tier VI geographies in Eastern India.

With nearly 300 franchises across West Bengal, Bihar, Jharkhand, and Odisha, Tablt Pharmacy claims to have served over two lakh consumers, catering to the growing demand for accessible healthcare solutions in these regions.

The financials involved in the deal have not been made public yet.

Girish Agarwal, cofounder of Zeno Health, highlighted the synergy between the two companies, emphasizing Zeno Health's mission to democratize healthcare across India.

With recent funding of $25 million in a Series C round, Zeno Health aims to reach and serve over 1 Cr consumers monthly while reducing healthcare expenditures by 50%.

The acquisition of Tablt Pharmacy is expected to expedite this journey to rural and semi-urban areas, addressing the pressing need for generic medicines.

“Our merger with Tablt and their excellent team will expedite our journey to rural and semi-urban areas, addressing the immense need for generic medicines. We take pride in our association with them and with their help, we believe our aligned visions will also come true in the Eastern regions of India," Agarwal said.

Siddharth Gadia, CEO and cofounder of Zeno Health, expressed confidence in joining forces with Tablt Pharmacy, acknowledging their commitment to reshaping the healthcare landscape.

He emphasized shared principles and a vision to make quality healthcare accessible across India.

Whereas Anish Agarwal, CEO and cofounder of Tablt Pharmacy, hailed the acquisition as a pivotal moment in the healthcare industry.

He noted, “By combining Tablt's innovative distribution capabilities with Zeno Health's commitment to affordability, we are poised to transform how individuals access and afford essential medications."

Zeno Health’s $25 Mn Series C Funding

Zeno Health operates an expansive network of 180 omnichannel stores spanning Mumbai and Maharashtra, further enhancing its ability to provide quality and affordable healthcare solutions.

Established in 2017 by IIT Bombay alumni Siddharth Gadia and Girish Agarwal, Zeno Health has become the primary destination for generic medicines in the region.

It also offers franchisee of a pharmacy network under the brand of Zeno Health, apart from selling medicines online, all in Maharashtra.

Recently, Zeno Health forged a partnership with Dvara Health Finance (DHF) to enhance healthcare in the rural parts of India.

Backed by a team of over 530 skilled pharmacists, the company serves the healthcare requirements of over 2.5 million contented customers, resulting in savings surpassing INR 550 Cr.

The Lightbox Venture backed online pharmacy startup raised its Series C funding in February bagging $25 mn. The round was led by Korean investment firm SITC Investments.

On the other hand, Tablt, funded in 2018 had previously raised funding from JITO Angel Network, Siti cable, Lets Venture and other angel investors.

Online Pharmacy Market Dynamics in India

According to Statista, the online pharmacy market in India is expected to reach INR 453.30 million in 2024, and INR 649.50 million by 2028.

This would be an eightfold increase from 2019, and an annual rate of growth of 9.41% from 2024 to 2028. The market is also expected to have a user penetration of 13.39% in 2024, and 19.16% by 2028.

Major conglomerates such as Reliance, Amazon are planning to join the online pharmacy market in the coming years.

As of November 2023, Tata 1mg has the largest market share in India at 31%, up from 19% in October 2022, while PharmEasy has 15%.