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 startup plans to use the fresh capital to strengthen its logistics network, build its technology infrastructure, launch private-label medicines, and expand its retail presence. Figtree Pharmacy is aiming to scale its network to 25 stores in the coming phase of growth.
Founded in 2025 by Adrit Chaturvedi, a former healthcare analyst at Nomura, and Yatin Sharma from Flipspaces, Figtree Pharmacy operates neighbourhood-focused pharmacy stores across Mumbai and Delhi.
Unlike large-format pharmacy chains with extensive catalogues, Figtree is building small-format stores designed around hyperlocal demand and convenience.
The company currently operates four stores across Bandra, Altamount Road, and Babulnath in Mumbai, along with one store in ASIAD Village in Delhi. It is also preparing to launch its fifth outlet in Greater Kailash II.
According to the startup, over 90% of its business comes from repeat customers, while the average order value on the platform exceeds Rs 1,000.
Figtree said its focus remains on improving customer accessibility, neighbourhood-level service, and operational efficiency through a technology-led approach.
The investment also highlights growing investor interest in specialised retail and healthcare-focused consumer startups.
AJVC Fund, led by Aviral Bhatnagar, has been actively backing early-stage startups across sectors in India. Its portfolio includes startups such as Bubble Me, Finanjo, Mindcase, Care Dale, HandyPanda, Multibagg AI, Nuyug, Mithila Foods, Jaagruk Bharat, TruFides AI, Chop Finance, Gaadi Mech, and Iztri.
-By Shivani Solanki
