Zeno Health

What Zeno Health does

Zeno Health is a Mumbai-headquartered generic medicine pharmacy company founded in 2017 that operates an omnichannel retail and e-commerce model focused on affordable healthcare access in India. The company sells generic medicines sourced directly from manufacturers through a network of 180+ physical retail pharmacy stores, 200 micro-franchise locations, and an e-commerce delivery platform, serving approximately 1.5 million customers primarily in Maharashtra and West Bengal. Its target customers are price-sensitive healthcare consumers, particularly in Tier-II and Tier-III cities, where access to affordable quality medicines is constrained.

The company's operational backbone is a tech-enabled logistics network that integrates its retail pharmacy footprint with rapid fulfillment capabilities, most notably a 50-minute medicine delivery service launched across Maharashtra in March 2025. Zeno Health runs a hybrid go-to-market combining direct-to-consumer retail, franchise partnerships, and e-commerce, with a stated ambition of deriving 30% of revenue from e-commerce by FY26 following its July 2025 pan-India e-commerce rollout. Revenue mechanics are predominantly transactional retail pharmacy sales across the three channels, complemented by micro-franchise economics. The company also launched a 'Pay It Forward' initiative in May 2025 to support early-stage healthcare startups advancing affordable healthcare in India.

Zeno Health has raised over $56 million in cumulative funding across multiple rounds, including a $25 million Series C in February 2024 led by Korean private equity firm STIC Investments with participation from existing investor Lightbox Ventures (which holds approximately 30% equity). The company materially expanded its physical footprint in June 2025 with 75 new stores in Maharashtra (INR 30 crore investment, 500+ pharmacist jobs added) and acquired digital pharmacy Tablt Pharmacy to extend its omnichannel capabilities. Leadership includes founders Ankit Goyal and Siddharth Gadia, alongside a management team spanning operations, supply chain, technology, product, growth, and brand functions.

Name

Zeno Health

Legal name

Zeno Health

Website

https://web.zeno.health

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Zeno Health is a Mumbai-based generic medicine pharmacy company operating 180+ retail stores, 200 micro-franchises, and an e-commerce platform serving 1.5 million price-sensitive healthcare consumers across Maharashtra and West Bengal, India.

Ownership category

akta.pro rank

Product category

Retail Pharmacy

NAICS

Pharmacies and Drug Retailers (456110)

SIC

Retail-Drug Stores And Proprietary Stores (5912)

akta.pro primary industry

Health & Pharmacy Omnichannel (CRAFAEAK)

akta.pro secondary industry

Pharmacy & Health Essentials Delivery (CRAFAFAI)

Keywords

• Generic medicines retail
• Pharmacy retail chain
• Medicine delivery service
• Omni-channel pharmacy
• Affordable healthcare

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Retail Pharmacy Sales: Sale of affordable generic medicines through 180+ physical retail pharmacy stores across Maharashtra and West Bengal
2. E-commerce Medicine Delivery: Online sales and delivery of medicines through omnichannel platform targeting 30% ecommerce revenue share by FY26
3. Micro-Franchise Revenue: Revenue from operating 200 micro-franchises that expand reach into Tier-II and Tier-III cities

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Zeno Health operates an omnichannel retail pharmacy network that sells affordable generic medicines directly sourced from manufacturers. The company combines 180+ physical retail pharmacy stores, 200 micro-franchises, and a tech-enabled e-commerce platform offering 50-minute medicine delivery across Maharashtra. Serving 1.5 million customers, Zeno Health focuses on making quality generic medicines accessible in Tier-II and Tier-III cities of India.

Product overview

Zeno Health is a Mumbai-based pharmacy startup operating a hybrid omnichannel model consisting of 180+ retail pharmacy stores, 200 micro-franchises, and an e-commerce platform. The company focuses on affordable generic medicines sourced directly from manufacturers, serving 1.5 million customers primarily in Maharashtra and West Bengal. The core offering centers on physical retail stores and micro-franchises integrated with a tech-enabled logistics network, complemented by rapid e-commerce delivery services (50-minute delivery) and a startup support initiative (Pay It Forward). The company acquired Tablt Pharmacy in 2021 to enhance its digital capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Generic Medicines Affordable generic medicines sourced directly from manufacturers and sold across retail pharmacy stores, micro-franchises, and the e-commerce platform for price-sensitive healthcare consumers in India.
• 50-Minute Medicine Delivery Rapid medicine delivery service enabling customers across Maharashtra to receive medicines within 50 minutes of ordering through a tech-enabled logistics network.
• E-Commerce Medicine Platform Pan-India online platform for ordering affordable generic medicines, with target of achieving 30% of revenue from e-commerce by FY26.

Quantifiable outcome

• 50-minute medicine delivery across Maharashtra
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered minor.

• Rotary ClubminorGTM or Marketing Partner · 1 October 2024Partnership with Rotary Club to democratize healthcare through health camps at Hiranandani Estate, Thane, supporting community healthcare access initiatives.
• Tablt PharmacyminorStrategic or Co-development Partner · 1 September 2021Zeno Health acquired Tablt Pharmacy in September 2021 as part of strategic expansion of digital pharmacy operations.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Flipkart Health+: E-commerce arm of Flipkart/Walmart offering online medicine delivery and healthcare products. Competes with Zeno Health's pan-India e-commerce medicine access expansion with vastly larger capital and logistics.
• Amazon Pharmacy: Amazon's online pharmacy vertical in India offering prescription and OTC medicine delivery. A much larger global incumbent now competing in the same omnichannel pharmacy space as Zeno Health.

Direct peers

• Truemeds: India-focused online pharmacy specializing in generic-medicine substitution with home delivery. Closely comparable to Zeno Health given the shared generics-first value proposition targeting price-sensitive consumers.
• Netmeds: Online pharmacy acquired by Reliance Retail, offering pan-India prescription and OTC medicine delivery. Competes with Zeno on online medicine delivery with significantly larger corporate backing.
• Apollo Pharmacy: India's largest retail pharmacy chain with thousands of stores nationwide, selling prescription and OTC medicines including generics. Direct omnichannel competitor to Zeno Health in the Indian pharmacy retail market.
• Wellness Forever: Mumbai-based omnichannel pharmacy retailer with physical stores and online delivery, primarily serving Maharashtra — the same core geography as Zeno Health. Direct regional competitor.
• MedPlus: One of India's largest pharmacy retail chains operating over 2,000 stores with an online medicine delivery platform. Closely comparable to Zeno Health in store-led generics/OTC retail and omnichannel model.
• PharmEasy: Leading Indian online pharmacy and diagnostics aggregator offering medicine delivery, lab tests, and telehealth. Directly comparable to Zeno's e-commerce medicine access business model.
• Tata 1mg: Omnichannel digital health and online pharmacy platform acquired by Tata Digital. Competes directly with Zeno Health on online medicine delivery, diagnostics, and generics offerings across India.

Emerging players

• CareOnGo: B2B/B2C pharmacy platform focused on distribution and medicine access in India, with digital-first approach. An emerging player in the same pharmacy/medicine delivery space as Zeno Health.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks4 records

Key highlights7 records

Customer concentration

• Xx.com/zeno_health
• Facebookfacebook.com/HealthZeno

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zeno Health