Mumbai-based startup Figtree Pharmacy has raised an undisclosed amount in seed funding to expand its neighbourhood pharmacy business. The funding round was led by AJVC Fund, along with support from several angel investors.
Founded in 2025 by Adrit Chaturvedi, a former healthcare analyst at Nomura, and Yatin Sharma from Flipspaces, Figtree Pharmacy is building a small-format pharmacy chain focused on local communities. Instead of opening large stores with huge product collections, the company is focusing on compact outlets that serve nearby customers quickly and conveniently.
At present, Figtree Pharmacy operates four stores. Three of them are located in Mumbai, including Bandra, Altamount Road, and Babulnath, while one store is in Delhi’s ASIAD Village. The startup is also getting ready to launch its fifth store in Greater Kailash II, New Delhi.
Strong Repeat Customer Base Driving Growth
Figtree Pharmacy says that more than 90% of its sales come from repeat customers, showing strong trust among people in the neighbourhoods where it operates. The startup also claims its average order value is over Rs 1,000.
The company is mainly focusing on making medicines and healthcare products easily accessible for local customers. Along with physical stores, it is also using technology to improve operations, delivery speed, and customer service.
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With more people in cities looking for quick and reliable healthcare services, hyperlocal pharmacy models like Figtree are slowly becoming popular in India.
Funds to Be Used for Expansion and Technology
The startup plans to use the newly raised funds to improve its logistics network and strengthen its technology systems. It is also preparing to launch its own private-label medicines in the future.
A large part of the investment will go towards expanding its retail presence. Figtree Pharmacy aims to grow from four stores to 25 stores across major urban markets in India.
The funding also highlights growing investor interest in India’s digital healthcare and specialised retail sectors. AJVC Fund, which led the round, has previously invested in startups such as Bubble Me, Finanjo, Mindcase, Care Dale, HandyPanda, Multibagg AI, and Nuyug.