Renowned industrialist Ratan Tata invested in two-year-old Arjun Deshpande's startup' generic base' on Thursday. Its foundry Arjun is 17 years old. However, Tata is not aware of how much it has invested in it. The main function of the generic base is a retail business. He sells medicine stores from manufacturers to retailers. At present, the revenue of the company is about Rs. 6 crores, and it is targeted to reach Rs. 150-200 crore in the next three years. It has claimed to employ about 55 individuals, including pharmacists, IT engineers, and marketing professionals.
On Thursday, Arjun's PR agency issued a statement stating that an alumnus of DAV Public School, Thane, started his entrepreneurial journey with the aim of bringing affordable medicines to the poor. Ratan Tata has so far invested in more than a dozen startups after retirement from the group in December 2012. All their investments have been made through their investment company RNT Associates. Some of their investments include Ola, Paytm, Snapdeal, Curefit, Urban Ladder, and Avanti Finance.
Deshpande has planned to partner with 1,000 pharmacies on a franchisee based model and expand its reach to Gujarat, Tamil Nadu, Andhra, Delhi, Goa, and Rajasthan. The 'generic base' will all help the unorganized sector to bring the right technology, IT infrastructure, and branding to the forefront. At present, it supplies diabetes and hypertension drugs, but soon it will supply cancer drugs at rates lower than the market price. It has a tie-up with four certified manufacturers of WHO-GMP, including Palghar, Ahmedabad, Puducherry, and Nagpur.
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