Pakistani most funded health-tech startup MedznMore has shut down after deciding to halt operations in June due to the deteriorating macroeconomic situation in the country, reported Data Darbar earlier today.
According to MedznMore’s co-founder Saad Khawar, the company decided to shut down operations in early June.
“Pakistan’s macros nosediving for the worst over the past many months couldn’t have come at the worst time for us; coinciding with our Fundraise efforts,” he said in a statement.
On the management’s next course of action, Khawar said, “We are in talks with a few large players who are looking to buy our technology and brand, Tabiyat.pk. While there’s no major asset-liability gap the company is in the process of clearing whatever remaining liabilities we have left”.
“Even though it didn’t work out as we had hoped, I’m immensely proud of what we were able to build, and even prouder of the team that we got to build it with. It has been a true privilege working with these amazing colleagues, and to all of them I’d sincerely like to say, thank you,” he added.
The firm was founded in September 2020, receiving $2.6 million in seed capital in October of the same year. It was the largest round in Pakistan’s history at the time.
Their next round of funding of $11.5 million was announced in May 2022. Integra Partners, Nunc Gestion, Atlas Group, Sturgeon Capital, Alta Semper, Lakson Group, and Premier Group were among the local and foreign participants.
Throughout its brief stay in the local health-tech space, the firm claims to have helped 10,000+ pharmacies by providing B2B healthcare services.
The company also developed an online pharmacy called Tabiyat.pk for catering to the B2C market.
Source: Pro Pakistani