Plazza in Talks for $15 Mn Funding Round to Expand Quick Medicine Delivery Service
This upcoming round follows Plazza’s previous funding round in September last year, where the startup successfully raised $1.4 million in seed funding.
Bengaluru-based quick medicine delivery startup Plazza is reportedly in advanced negotiations to raise approximately $15 million in a new funding round. The company aims to bolster its store network and enhance its hyperlocal fulfillment capabilities as it prepares to compete in a rapidly growing market.
Sources indicate that the funding round is set to attract $4 million each from prominent investors including Accel, Elevation Capital, and Nexus Venture Partners, with an additional $3 million expected from existing backers such as All In Capital.
The anticipated capital influx could value Plazza at around $50 million, although the details of the deal are still being finalized.
This upcoming round follows Plazza’s previous funding round in September last year, where the startup successfully raised $1.4 million in seed funding.
This earlier investment, led by All In Capital and supported by Better Capital and various angel investors, was targeted at expanding the company’s product catalog and strengthening its presence in Bengaluru, where it utilizes a combination of physical stores and app-based ordering.
Plazza promises medicine deliveries within 15 to 60 minutes, positioning itself as a quick commerce platform rather than a traditional e-pharmacy marketplace. The startup operates through an inventory-led model, stocking a diverse range of medicines and healthcare products in its stores, similar to dark stores utilized by grocery delivery services.
As part of its ambitious growth strategy, Plazza also plans to open approximately 20 new outlets over the next 12 months, aiming to enhance its local reach and service capabilities further.
With the influx of new funding, Plazza hopes to deepen its inventory and improve supply chain efficiencies, enabling it to better compete with larger, established companies entering the market.
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