Mumbai-based pharmacy startup Figtree Pharmacy has secured seed funding from AJVC Fund and a group of angel investors as the company looks to strengthen its hyperlocal pharmacy operations and expand its footprint across India.

Key Highlights

• Figtree Pharmacy secured seed funding to strengthen logistics, technology infrastructure, and expand neighbourhood pharmacy stores.
• Startup plans aggressive expansion to 25 stores across Mumbai and Delhi amid rising hyperlocal demand.

While the startup did not disclose the funding amount, the fresh capital will be used to enhance logistics capabilities, develop its technology infrastructure, introduce private-label medicines, and scale store operations across key urban markets.

Founded in 2025 by former Nomura healthcare analyst Adrit Chaturvedi and Flipspaces executive Yatin Sharma, Figtree Pharmacy is building a neighbourhood-focused pharmacy model centered on compact retail outlets designed for hyperlocal demand rather than large-format medicine stores.

The startup currently operates four stores across Mumbai locations including Bandra, Altamount Road, and Babulnath, along with one outlet in Delhi’s ASIAD Village. The company is also preparing to launch its fifth store in Greater Kailash II, New Delhi.

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Expansion Plans

Figtree Pharmacy plans to expand its retail network to 25 stores as it aims to strengthen customer retention and localized medicine delivery operations.

According to the company, more than 90% of its orders are generated through repeat customers, while average order values exceed Rs 1,000, indicating strong customer loyalty and recurring demand.

The funding comes at a time when India’s pharmacy retail and digital healthcare sectors are witnessing increasing investor interest, driven by urban healthcare demand, digital adoption, and last-mile delivery expansion.