Pharmacy retail startup Figtree Pharmacy has raised an undisclosed amount in a seed funding round led by AJVC Fund and other investors, as it looks to expand its hyperlocal pharmacy network across major urban markets.
The company said the fresh capital will be deployed towards strengthening logistics, building its technology stack, launching private-label medicines, and scaling store operations. Figtree plans to expand its footprint to 25 stores in the near term.
Founded in 2025 by former Nomura healthcare analyst Adrit Chaturvedi and Flipspaces executive Yatin Sharma, the startup operates neighbourhood-focused pharmacies across Mumbai and Delhi.
Unlike traditional large-format pharmacy chains with extensive catalogues, Figtree is building small-format stores tailored to hyperlocal demand, aiming to improve convenience, inventory efficiency, and customer retention.
The startup currently operates four stores across Bandra, Altamount Road, and Babulnath in Mumbai, along with ASIAD Village in Delhi. A fifth outlet in Greater Kailash II is expected to open shortly.
According to the company, over 90% of its business comes from repeat customers, while average order values exceed ₹1,000, indicating strong traction in premium neighbourhood markets.
The investment also adds to the growing healthcare and retail portfolio of Aviral Bhatnagar led AJVC Fund, which has backed startups including Bubble Me, Mindcase, HandyPanda, Jaagruk Bharat, and TruFides AI.
The funding reflects increasing investor interest in specialised, neighbourhood-first retail models, particularly in healthcare, where customer trust, repeat usage, and convenience continue to drive growth.
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