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Homegrown venture capital (VC) fund IvyCap Ventures on Monday announced the sale of its stake in business-to-business (B2B) healthcare platform Pharmarack at an annual internal rate of return (IRR) of 104 percent.

IvyCap had invested Rs 21 crore in Pharmarack in 2019. 

Pharmarack combines technology, analytics, logistics, supply chain, and financing and is an ecosystem partner for pharmaceutical and consumer health companies, distributors, retailers, hospitals, and public health enterprises.

A statement released by IvyCap said Pharmarack counts several top 20 pharma companies as clients and its extensive value chain covers 200,000 pharmacies, more than 5,000 pharma distributors, and 200 hospitals. The platform claims to cover around 1,000 pin codes in the country. Its neutral network, flexible integration, and digital ecosystem makes it a highly secure platform. Even during the challenging times of COVID-19, Pharmarack enabled last-mile delivery from distributors to retailers to ensure complete fulfilment. 

Commenting on the financial development, Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, said:

“IvyCap Ventures had believed in the potential of the company (Pharmarack) and the industry. Pharma industry has always been a highly fragmented sector, with manual processes and multiple intermediaries. Efficient inventory management, value-chain engagement, particularly logistics enablement from order to billing, make a company like Pharmarack an essential component of the industry.

“Pharmarack’s mission is to improve access to healthcare by driving availability and affordability in the market with its connected ecosystem — one in which all parts of the healthcare world seamlessly connect to networked data, information, knowledge, and processes in order to reduce costs, improve productivity, and deliver better care. With its new set of strategic investors, Pharmarack, in its next phase of growth, would further accelerate digital adoption in pharma and contribute towards substantially improving healthcare in India.”

Founded in 2011, IvyCap has been leveraging global alumni ecosystems to build technology-driven innovative companies. 

The VC fund has seen a 22X return on its initial investment of Rs 15 crore in startup Purplle after the online beauty retailer’s latest funding round.