The Shift to Hyperlocal Pharmacy Retail
Mumbai-based Figtree Pharmacy has successfully closed its seed funding round, led by AJVC Fund. Founded in 2025 by Adrit Chaturvedi and Yatin Sharma, the startup is challenging the dominance of massive, centralized pharmacy chains by deploying a network of small-format, neighborhood-centric stores.
Strategic Objectives for Growth
The company intends to utilize this capital injection to:
- Strengthen logistics and supply chain efficiency.
- Advance its proprietary technology stack.
- Introduce high-margin private-label pharmaceutical products.
- Expand its footprint to a target of 25 operational stores.
Traction and Market Context
Figtree currently maintains five locations across prime residential hubs in Mumbai and Delhi. The company reports strong unit economics, with 90% repeat business and an average order value exceeding Rs 1,000, signaling that its focus on neighborhood accessibility is resonating with urban consumers.
Investor Confidence
Led by Aviral Bhatnagar’s AJVC Fund, the investment underscores growing interest in Indian startups that leverage localized operational models to compete with large-scale online players. This shift highlights a broader market trend toward ‘phygital’ healthcare, where physical proximity remains a competitive moat.
Founder Takeaway
Figtree demonstrates that in a saturated market, identifying a specific niche—such as the small-format, service-heavy neighborhood pharmacy—can yield high retention and stronger unit economics than competing directly with large-scale discount models.