Mumbai-based Figtree Pharmacy has secured an undisclosed seed round led by AJVC Fund to scale its neighbourhood pharmacy network and enhance its technology backbone, reflecting rising investor interest in India’s hyperlocal healthcare and specialised retail segments.
Seed funding to accelerate neighbourhood-first expansion
Founded in 2025 by Adrit Chaturvedi, formerly a healthcare analyst at Nomura, and Yatin Sharma, previously with Flipspaces, Figtree Pharmacy operates a compact, community-focused retail model. Instead of large-format outlets, the startup runs small stores designed to offer quick fulfilment and convenience for nearby residents.
The company currently runs four stores—three in Mumbai (Bandra, Altamount Road and Babulnath) and one in Delhi’s ASIAD Village—and is preparing to open its fifth outlet in Greater Kailash II, New Delhi.
High repeat business and tech-led operations
According to the company, more than 90% of sales come from repeat customers, supported by an average order value above Rs 1,000. Figtree is pairing its physical footprint with a technology layer aimed at optimising inventory, speeding deliveries and improving customer service—key levers for unit economics in the hyperlocal pharmacy category.
The model aligns with evolving urban consumption patterns, where demand for reliable, quick-access healthcare products continues to rise, particularly in dense neighbourhoods with frequent, needs-based purchases.
Use of funds and growth roadmap
Figtree plans to deploy the fresh capital to strengthen logistics and upgrade technology systems, while laying groundwork for a private-label portfolio. A significant portion of the funds will be directed towards retail expansion, with a target to scale from four outlets to 25 across major urban markets.
Investor interest in digital health and specialised retail
The round underscores sustained momentum in India’s digital health and proximity retail space. Lead investor AJVC Fund has backed startups including Bubble Me, Finanjo, Mindcase, Care Dale, HandyPanda, Multibagg AI and Nuyug, reflecting a thesis around tech-enabled consumer services and niche retail formats.
