May 2026 | HealthTech & Retail | Startup Funding News – Mumbai-based pharmacy startup Figtree Pharmacy has raised an undisclosed amount in a seed funding round led by AJVC Fund, along with participation from other investors.
The funding will support the company’s plans to scale its retail footprint, strengthen logistics, and build technology-driven pharmacy operations.
Funding to Drive Expansion and Product Innovation
Figtree Pharmacy plans to utilise the capital to:
- Enhance logistics and supply chain efficiency
- Build its technology platform
- Launch private-label medicines
- Expand its store network to 25 locations
The company is focused on creating a more efficient and customer-centric pharmacy model.
Founders and Business Model
Founded in 2025 by Adrit Chaturvedi, a former healthcare analyst at Nomura, and Yatin Sharma of Flipspaces, the startup is rethinking how pharmacies operate in urban India.
Unlike traditional large-format pharmacies with extensive product catalogues, Figtree is building:
- Small-format, neighbourhood-focused stores
- Hyperlocal inventory tailored to demand
- Faster service and improved customer convenience
Current Operations and Expansion Plans
Figtree Pharmacy currently operates:
- Four stores in Mumbai — Bandra, Altamount Road, and Babulnath
- One location in Delhi — ASIAD Village
A new store is set to launch soon in Greater Kailash II, Delhi, as part of its expansion strategy.
Strong Customer Retention and Revenue Metrics
The startup reports strong early traction:
- Over 90% of sales from repeat customers
- Average order value exceeding ₹1,000
These metrics indicate strong customer loyalty and demand for hyperlocal pharmacy services.
Investor Backing and Market Opportunity
AJVC Fund, led by Aviral Bhatnagar, continues to back early-stage startups across India.
Its portfolio includes companies such as:
- Bubble Me
- Finanjo
- Mindcase
- Care Dale
- HandyPanda
- Multibagg AI
- Nuyug
- Mithila Foods
- Jaagruk Bharat
- TruFides AI
- Chop Finance
- Gaadi Mech
- Iztri
The investment highlights growing interest in healthcare retail innovation, especially models focused on convenience, localisation, and efficiency.
Market Trend: Rise of Hyperlocal Healthcare Retail
India’s pharmacy sector is evolving with trends such as:
- Hyperlocal delivery and retail formats
- Technology-enabled inventory management
- Private-label healthcare products
- Increased focus on customer experience
Startups like Figtree Pharmacy are tapping into this shift by offering neighbourhood-focused, high-efficiency pharmacy solutions.
Conclusion
With fresh funding and a clear expansion roadmap, Figtree Pharmacy is positioning itself as a strong player in India’s evolving pharmacy retail landscape.
As demand for convenience-driven healthcare services grows, hyperlocal pharmacy models could play a key role in shaping the future of urban healthcare access.
Ruchi Kumar is the associate editor at Entrepreneur News Network and TVW News India, where she leads editorial strategy, brand storytelling, and startup ecosystem coverage. With a strong focus on innovation, business, and marketing insights, he curates impactful narratives that spotlight India’s evolving entrepreneurial landscape. She has written extensively on fintech, AI and emerging startups.