In the last round of raising capital, Dawaai was able to secure a total of $8.5 million worth of funds in a round led by 500 startups. The investors included Sarmayacar and two family offices. As stated by MENAbytes, equity accounted for the majority of the round. The company plans to use this investment in its expansion across the country.
Founded by Furqan Kidwai in 2014, Dawaai entered the pharmaceutical industry of Pakistan with an aim to provide authentic medication and equipment to both B2B and B2C consumers as fast as possible through their consumer-friendly website and mobile application.
Furqan Kidwai recognized the changing technological trend and digitalization of the world and launched his startup. Since 2014, the digital company has grown by massive amounts and partnered with trusted labs and Hospitals, including Chugtai Lab, South City Hospital, Ziauddin Hospital, National Institute of Blood & Diseases, and Dr. Essa Laboratory & Diagnostic Centre.
The company owns a pharmacy license (received on 12 March 2015) and ensures authentication of its products by contacting the manufacturers and distributors directly. The 350% increase in revenue of Dawaai in the past 12 months, as stated by menabytes, explains its success and high growth rate.
Dawaai is a perfect example for entrepreneurs to analyze the changing market environment and innovate by incorporating these changes and consumer trends. An exceptional business idea makes it easier to raise capital.