Introduction: In every household in India, the sight of a Katik medicine box is a familiar one. Elders meticulously go through doctor’s prescriptions, trying to decipher which medicine to take at what time and in what quantity. Often, they rely on caregivers to ensure timely and accurate intake. Recognizing this dependency and the need for a smarter solution, Pharmallama emerges as an innovative answer to this age-old problem.
Founders’ Pitch:
Achintya Dayal, Arjun, and Deepesh Rajpal, hailing from Bangalore and Jaipur, present Pharmallama to the Sharks. They elucidate how traditional pharmacies in India merely deliver medicines online, but Pharmallama goes a step further. With proprietary technology, Pharmallama’s machine understands prescriptions and packs them into labeled sachets with dosage, timing, and quantity details.
Innovative Solution:
Pharmallama’s vision is ambitious yet practical: to replace traditional medicine boxes in Indian households with their smart pill box. Within just four months of launch, they’ve gained the trust of 5000 families. The founders seek an investment of 1.5 crores to further scale their operations.
Technology Behind the Scenes:
The process begins with uploading a prescription, which is then verified by registered pharmacists. The automated pharmacy meticulously packs medicines into sachets, ensuring accuracy and efficiency. Quality control measures guarantee the safety and reliability of each packet.
Hardware and IoT Integration:
Pharmallama not only innovates on the software front but also invests in hardware and IoT. With a dedicated division for hardware research, they ensure seamless integration for an enhanced user experience.
Origins and Inspiration:
The idea for Pharmallama stemmed from a personal experience when one of the founder’s mothers faced health complications due to medication errors. This propelled them to create a solution that would not only streamline medicine management but also prevent such incidents in the future.
Strategic Partnership:
The founders share their strategic partnership with ACG Pam Pack, a leading manufacturer of packaging machines for pharmaceuticals. This collaboration ensures access to cutting-edge technology and strengthens Pharmallama’s position in the market.
Negotiations and Deal Making:
The Sharks express keen interest in Pharmallama’s business model, growth prospects, and strategic alliances. After a round of negotiations, a deal is struck, doubling the initial investment offer and securing a promising future for Pharmallama.
Offer’s Given By Sharks:
Original Ask 1 crores for 1.5% equity valuation 66.67 crores
All Shark’s Offer: 2 Crores For 5 % equity valuation 40 crores
Arjun, Achintya & Deepesh’s counter Offer 2 crores for 4% equity valuation 50 crores
Finally Deal Closed With All Shark’s Offer: 2 Crores For 5 % equity valuation 40 crores
Conclusion:
Pharmallama’s journey on Shark Tank showcases the power of innovation and entrepreneurship in addressing real-world challenges. By combining technology, hardware, and strategic partnerships, they aim to revolutionize medicine management across India, ensuring better health outcomes for all.
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