The Online Fund Raising Platforms are playing a vital role in Startup Community. Entrepreneurs gain traction and much needed funds to develop the idea further. Similarly, Termsheet.io has led PinkBlue to get seeded for Rs. 1.5 Crore. The round was led by Dubai-based lawyer Hari Krishna’s syndicate and contribution from Cookifi founder Ajay Modani, Dr V Ravinder, Anirudh Rastogi, Abhishek Jain, Rakesh Gakhar, Rajeev Mudumba, Nagendra Prasad Bhanuprakash and ShashiKant Singh among others.
What does PinkBlue do?
Pinkblue provides clinical supplies and works on reducing number of steps in supply chain to remove inconsistencies in prices through an e-commerce platform on which manufacturers can participate. The company aims to bring analytics and automation inside hospitals. Till now company is focusing on dental clinic segment and plans to expand to small and mid-sized hospitals.
What does Founders have to say?
“We are trying to simplify this for our customers. Our solution would bring complete visibility to this supply chain, from the point of production till the point of consumption. This could result in value addition to the tune of 20 to 30 per cent of the market ($11 billion),” says Valliappan Kumarappan who cofounded the firm with Varun Singh and both are IIM-Kozhikode graduates.
How funds raised will be used?
Funds will be used for tech development and sizing up of core team. Valliappan commented, “We will be ramping up our operational capabilities further to ensure world-class customer experience, and pace up our customer acquisition through more focused sales and marketing,”. The team aims to hit revenue of $ 4 million annualy in upcoming 6-12 months by working on geographic as well as segment expansion.
What does investors say?
Dr. Ravinder said- He is pretty much interested in what PinkBlue will offer now. Being already a customer he is convinced with the transparency in prices, delivery efficiency and convenience in ordering with multiple brands as it helped in reducing expenses, inventory management and saved time.
Hari krishna said- He is impressed that PinkBlue isnt another common startup idea and its aim to bring much needed solution to the medical supply market.
All the investors are willing to move along the steps PinkBlue will walk upon. They believe in the ethics of the company and its true promise of providing the solution to much needed medical supply segment.
“PinkBlue struck as a very interesting startup in a space that was crying for innovation. It’s one of those areas that founders and investors tend to avoid because of the perceived challenges associated with taking on entrenched players,” said Sonia Pradhan, COO of TermSheet.
Currently PinkBlue works with 1500 customers. With so much believers of the idea, the startup seems to be the savior of the segment. Both founders are very focused and are keeping the reverence of their words.