Figtree Pharmacy Secures Seed Funding for Expansion

Mumbai-based pharmacy startup Figtree Pharmacy has successfully raised an undisclosed amount in a seed funding round backed by AJVC Fund and other investors. This funding will be directed towards enhancing logistics, developing its technology stack, launching private-label medicines, and expanding its store operations.

Plans for Network Expansion

Figtree intends to grow its network to a total of 25 stores. Established in 2025 by former Nomura healthcare analyst Adrit Chaturvedi and Yatin Sharma from Flipspaces, Figtree focuses on neighbourhood pharmacies in Mumbai and Delhi. The startup is dedicated to creating small-format pharmacy stores targeting hyperlocal demand, rather than relying on large-format retail models that feature extensive product catalogues.

Current Store Locations

Currently, Figtree operates four stores situated in Bandra, Altamount Road, and Babulnath in Mumbai, as well as ASIAD Village in Delhi. An additional store in Greater Kailash II is expected to open soon. The firm reports that over 90% of its business stems from repeat customers, with average order values surpassing Rs 1,000.

AJVC Fund’s Growing Portfolio

AJVC, an early-stage investment firm directed by Aviral Bhatnagar, continues to broaden its influence within emerging startups in India. The firm’s portfolio includes diverse companies such as Bubble Me, Finanjo, Mindcase, Care Dale, HandyPanda, Multibagg AI, Nuyug, Mithila Foods, Jaagruk Bharat, TruFides AI, Chop Finance, Gaadi Mech, and Iztri.