Generico Raises Rs 10 Crore Funding From Alteria Capital
Alteria Capital, founded by Ajay Hattangdi and Vinod Murali in 2018, usually invests Rs 2 crore to Rs 100 crore in startups but in Generico, it has announced an investment of Rs 962 crore venture debt fund.
Generico the fastest-growing pharmacy retail chain in Mumbai founded by IIT Bombay graduates, Siddharth Gadia and Girish Agarwal has been funded Rs 10 crore by Alteria Capital.
The investment by Alteria capital is the part of Generico's larger Series-A financing round, announced in September 2019 with Lightbox investing a $14 million equity capital in Generico. Lightbox has earlier funded some of the successful start-ups today, like Droom, Furlenco, Rebel Foods and Dunzo, and had closed its third deal with an Indian startup by investing $209 million in Generico.
Alteria Capital, founded by Ajay Hattangdi and Vinod Murali in 2018, usually invests Rs 2 crore to Rs 100 crore in startups but in Generico, it has announced an investment of Rs 962 crore venture debt fund. More than 20 leading Indian startups, including, Rebel Foods, Lendingkart, Stanza Living, Rivigo, Raw Pressery and Zest Money have earlier managed to raise funds from Alteria.
Siddharth Gadia, CEO of Generico, while expressing his concern regarding the deal said, "We connected with Alteria six months back and, as young founders, we had many concerns at that time. However, Vinod and his team had been very kind and navigated through all the concerns and worked with us through the whole process which helped us close the transaction extremely fast."
"The team at Generico have been working hard in creating a brand which has the potential to become an efficient patient care medium which can be extended to other adjacent opportunities as well. Generico is on its way to build a strong healthcare network.", remarked Vinod, managing partner at Alteria Capital.