Ratan Tata Invests in 17-Yrs-Old Boy Generic Medicines Startup
Ratan Tata invests in this 17-year-old boy startup, know what is business
Renowned industrialist Ratan Tata on Thursday invested in two-year-old Arjun Deshpande’s startup ‘Generic Aadhaar’. Its founder Arjun is 17 years old. However, how much Tata has invested in it is not known. The main function of the ‘generic base’ is the retail business. It brings the drugs from the manufacturers and sells them to the retailers.
Currently, the revenue of this company is around Rs 6 crore and it is targeted to reach Rs 150-200 crore in the next three years. It claims to have appointed around 55 individuals, including pharmacists, IT engineers and marketing professionals.
Arjun Deshpande an alumnus of DAV Public School, Thane started his entrepreneurial journey with the aim of bringing affordable medicines for the poor.
Generic Aadhar works on Profit Sharing Franchise Model
Around 30 retailers from Mumbai, Pune, Bangalore and Odisha are following the profit-sharing model by making it part of the series. These are mainly standalone pharmacy. Thane’s head office offers free face-lifts, logos and required IT infrastructure stores for generic base branding. The generic base has around 55 employees. This includes pharmacists, IT engineers and marketing professionals.
Deshpande said, “There are plans to partner with 1,000 pharmacies on a franchise-based model and expand its reach to Gujarat, Tamil Nadu, Andhra, Delhi, Goa and Rajasthan. ‘Generic Aadhaar’ will provide all support to bring the unorganized sector to the forefront of the right technology, IT infrastructure and branding.”
The company mainly supplies diabetes and hypertension drugs, but will soon start offering cancer drugs at rates much lower than the market price. For this there is a tieup with four WHO-GMP certified manufacturers in Palghar, Ahmedabad, Pondicherry and Nagpur. Cancer drugs will be procured from a manufacturer in Baddi, Himachal Pradesh.
Ratan Tata has already made his invested in many startups. According to sources, Ratan Tata has invested privately in this company. It is not associated with the Tata group. Ratan Tata has also invested in a number of startups in the past, including Ola, Paytm, Snapdeal, Curefit, Urban Ladder, Lenskart and Librate.
