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E-Pharmacy Myra Raises $1.84M from Tokyo’s Dream Incubator

The Myra mobile app, offers online access to medicines with doorstep delivery within one hour

Bengaluru-based Metarain Software Solutions, which operates online pharmacy app Myra, has raised about Rs 12 crore ($1.84 million) in a fresh round.

The Tokyo-based management consulting firm Dream Incubator led the round with an investment of Rs 6.5 crore ($1 million), while existing investors Matrix Partners and Times Internet accounted for the rest.

The Myra mobile app, available on android and iOS platforms, offers fast online access to medicines with doorstep delivery. At present its services are offered in select areas of Mumbai and Bengaluru.

According to recent reports, the Japan-based Dream Incubator has launched a $44-million tech investment fund focused on Indian startups.

Myra vision is said to provide for a healthy community and one which need not struggle to meet it physical or financial needs. Voted one hottest brand sin Bengaluru for 2018, the company says they operate their own warehouses (full stack) to ensure the best quality of medicines to customers without compromising on the experience.

Myra secured their series A round of funding co-led by Matrix Partners India and Times Internet. Prior to this they raised a seed round led by Matrix Partners India. A number of entrepreneurs and angels have invested in Myra including Pranay Chulet, the cofounder and CEO of Quikr; Prashant Malik, cofounder and CTO of LimeRoad; Vamsi Duvvuri, associate director of Vy Capital; and Pankaj Gupta, former director of product at Twitter, among others.

According to reports Myra was founded in 2013 by two technological experts, Faizan Aziz, a former CTO at a startup named Dexetra which developed a smart assistant, and Anirudh Coontoor, who has experience working as a software engineer with Nokia. The fresh funding is speculated to be used for expanding their business’s geographical reach.

Myra’s website offers and delivers medicines, baby care, dental and hygiene products in under an hour with 20 percent discount on all medicines. The ordering process comprises of using the app or website to take a photo of your prescription or medicine; the company says it fulfils 100 percent of all orders placed.

Dream Incubator (DI) operates through three overseas offices in Asia to support Japanese companies to produce business in growing Asian markets. Through their offices in Vietnam, China and India they actively look to in business producing activities not only in these countries but also in other Asian countries such as Indonesia through their networks of local governments and local businesses. In addition, DI also produces new businesses in Asia as an incubator. They make investments in promising companies through the DI Asian Industrial Fund, and create their own business such as marketing service utilizing social media networks like Facebook.

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