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Generico gets Rs 10 crore funds from Alteria Capital

Alteria Capital, founded in 2018 by Vinod Murali and Ajay Hattangdi, typically puts in between Rs 2 crore and Rs 100 crore in startups across sectors. In Generico, it is investing out of its maiden Rs 962 crore venture debt fund.

, ET Bureau|
Last Updated: Jan 07, 2020, 09.09 AM IST
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Alteria, a specialty financing firm, has backed more than 20 leading Indian startups, including, Rebel Foods, Lendingkart, Stanza Living, Rivigo, Raw Pressery and Zest Money.
NEW DELHI: Workcell Solutions, which owns and operates generic medicines-focused pharmacy retail chain Generico, has raised ?10 crore in venture debt financing from Alteria Capital.

The transaction is Alteria Capital’s first this calendar year and is part of Generico’s larger Series-A financing round, which was announced a little over four months ago with venture capital firm Lightbox leading a $14 million equity capital infusion into the company.

The deal is also the first healthcare bet by Lightbox, which has backed Droom, Furlenco, Rebel Foods and Dunzo, and had announced the final close of its third India-focused fund at $209 million in September.

Alteria Capital, founded in 2018 by Vinod Murali and Ajay Hattangdi, typically puts in between Rs 2 crore and Rs 100 crore in startups across sectors. In Generico, it is investing out of its maiden Rs 962 crore venture debt fund.

“Our connect with Alteria first happened six months back and, as young founders, we had many concerns at that time. However, Vinod (Murali) and team had very patiently helped us navigate through all the concerns and once we decided to move forward, they worked with us through the whole process and helped us close the transaction extremely fast,” Siddharth Gadia, CEO of Generico, said.

Alteria, a specialty financing firm, has backed more than 20 leading Indian startups, including, Rebel Foods, Lendingkart, Stanza Living, Rivigo, Raw Pressery and Zest Money.

“Generico is on its way to build a strong network of omni-channel healthcare delivery with pharmacies as the starting point. Sid (Siddharth Gadia) and the team at Generico have been working hard in creating a brand which has the potential to become a surrogate for trust and efficient patient care which can then be extended to other adjacent opportunities as well,” Murali, managing partner at Alteria Capital, said.

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