Fundly.ai Raises $4 Mn to Expand Digital Pharma Distribution Network

The latest $4 Mn round follows the startup's $3 Mn seed funding round led by Accel in 2023.

Mumbai-based B2B pharma distribution startup Fundly.ai has raised $4 Mn in a pre-Series A funding round co-led by existing investors Accel and Multiply.

The startup plans to use the capital to expand its presence, strengthen its transaction infrastructure, and scale its digital network connecting pharmaceutical retailers and distributors.

Former RBL Bank executive director Rajeev Ahuja and a group of angel investors also participated in the funding round.

Fundly.ai has additionally secured $900K in venture debt from Alteria Capital, taking its total funding to more than $7 Mn.

Founded in 2021 by Amit Chawla and Shreeram Ramanathan, Fundly.ai initially operated as a lending platform for businesses in the pharmaceutical supply chain before expanding into a broader B2B distribution ecosystem.

The startup is now focused on connecting medicine ordering, payments, settlements, and working capital through a unified digital infrastructure.

“India’s medicine distribution runs on WhatsApp, phone calls and paper ledgers. It works, but nothing connects. We’re building the coordination layer that sits underneath it, where ordering, payments and credit finally talk to each other,” Fundly.ai founder and CEO Amit Chawla said.

The company's B2B commerce platform, FundlyMart, enables retailers and distributors to discover and order medicines while embedding credit directly into the checkout process.

Its payments and settlement infrastructure integrates with distributor ERP systems to help manage payment cycles across the network.

Fundly.ai is currently running its payments infrastructure as a pilot in Pune, covering around 3,000 retailers and multiple distributors.

The startup plans to expand this transaction and software-as-a-service infrastructure beyond the pilot while onboarding more distributors.

The fresh $4 Mn funding will also support Fundly.ai's plans to introduce data-driven programmes for pharmaceutical manufacturers.

These programmes are expected to provide brands with insights into distribution activity and trade data generated through the platform.

The startup also intends to build an intelligence layer over its commerce and transaction data to support areas such as demand forecasting and credit underwriting.

Unlike conventional lending models that primarily depend on financial statements, Fundly.ai uses live commerce and payment information generated through its platform to assess credit requirements.

Fundly.ai currently serves more than 4,100 retailers across 24 cities and over 600 PIN codes.

Before expanding into new markets, the company plans to increase retailer and distributor density in existing cities to strengthen network economics.

The latest $4 Mn round follows the startup's $3 Mn seed funding round led by Accel in 2023.

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