GoToPitch achieved another milestone on Monday 1st Aug by facilitating Ratan Tata backed fastest growing Indian pharma startup Generic Aadhar to raise an undisclosed amount from a leading Japanese VC firm, Beyond Next Ventures.
Founded by Arjun Deshpande at the tender age of 16, Generic Aadhaar revolutionized the pharma industry by partnering directly with the manufacturers and providing good quality medicines at affordable costs to consumers via their franchise stores. The breakthrough happened on April 5th, 2022 when the startup made an all time high record of opening 29 franchise stores in a single day. As the news came out, some of the prominent national and international VC firms started approaching GoToPitch for investment in Generic Aadhar. As soon as the startup was launched on the platform and a 2 minute pitch video was shared with the VCs, the round got oversubscribed in a week at a much higher valuation.
The role of GoToPitch is highly endorsed by both Beyond Next Ventures CEO Mr. Tsuyoshi Ito and Mr. Arjun Deshpande (Founder and CEO, Generic Aadhar) for the strategic guidance and bolstering the fundraising process during the entire deal flow process.
Commenting on the funding, Mr. Tsuyoshi Ito, CEO of Beyond Next Ventures said “We at Beyond Next Ventures, are very excited to join Generic Aadhaar as an investor. The company led by the dynamic young founder Arjun Deshpande has created an innovative business model to revolutionize pharmaceutical industry in India. The fact that he is backed by Mr. Ratan Tata speaks volumes for the trust and potential of the founder and the venture. The investment in Generic Aadhaar is in line with our philosophy of helping disruptive and growth sectors in India.”
Commenting on the development Mr. Arjun Deshpande, Founder and CEO, Generic Aadhaar, says, “My goal remains to build Generic Aadhaar as an organization focused on creating an impact on the Indian healthcare ecosystem by making medicines affordable to our country’s 1.3 billion people. As we are not a cash burning entity but a profitable venture, we decided to raise this round, and received a huge response from the VC community. Considering the enormous interest of some other prominent VCs and corporate venture capital funds we decided to close our next round through GoToPitch platform which we will be closing in next 8-12 Months.
In a time of uncertainty, building a startup and raising funds for it becomes even more challenging. Investors have limited resources and are looking for startups with the highest potential for success. Arjun Deshpande, founder of Ratan Tata-backed Generic Aadhaar, knows this firsthand. Being able to show investors a product in action can make all the difference when it comes time to raise money. “We were fundraising amidst COVID-19 when investors did not feel comfortable meeting face-to-face with companies that they had not worked with before,” Deshpande explained. “This made creating personal connections harder at first, but we discovered GoToPitch helped us create an engaging pitch video that investors wanted to watch.”
On a closing note, Mr. Shashank Tyagi, Founder and CEO, GoToPitch quoted "Fundraising is a journey, it’s not an event for the founders. GoToPitch’s sole focus is on simplifying fundraising for startups and enhancing the overall process through technology. We have several promising Startups in the pipeline receiving good responses from the VC and CVC community which we will be closing in the coming weeks".