01
Acquire & operate
Distribution
We acquire and operate regional pharma distributors — keeping their teams and relationships intact, and giving owners liquidity plus upside in what comes next.
The operating system for India's pharma distribution.
Not a roll-up — an operator. We consolidate India's fragmented pharma distribution and run it on software we own.
01
Distribution
Acquire & operate
02
Pharma OS
Ordering · Logistics · Data
03
The upside
Retail media · Private label
Makers→
Distribution→
Pharmacies
India's pharma distribution is built on relationships.
~3,000 manufacturers. ~80,000 distributors. ~9 lakh retail pharmacies — connected through countless local relationships. A typical pharmacy works with around 20 distributors just to keep its shelves stocked.
It's a market that runs on relationships and paper — highly fragmented, and ready to consolidate. That's already happened in the US, where three players now move over 90% of the market. India is early on the same curve.
~3,000
drug manufacturers
~80,000
distributors & stockists
~9 Lakh
retail pharmacies
~20
distributors per pharmacy
The middle is the part no one owns.
Manufacturers make. Pharmacies sell. In between sits a fragmented mesh of distributors that no one runs as a single system — and that gap is what holds the whole chain back.
Anyone with capital can buy distributors and stack them. That's a bigger spreadsheet, not a moat. We do the harder thing: we own and operate the distribution and the software the whole network runs on — so every distributor we add makes the network faster, cheaper, and harder to displace.
That's the difference between a roll-up and an operating system.
One operating system, three layers that compound.
02
Ordering · Logistics · Data
Pharma OS
The software layer every acquired distributor and connected retailer runs on — ordering, logistics, and data, unified across the network.
03
Retail media · Private label
The upside
Once we own the rails, new revenue rides on them — retail media, insights, and house brands across the network we operate.
Where we are — and where we're headed.
Live today
Multiple
Corridors — regional clusters of distributors and the pharmacies they serve — live and operating now.
Target GMV at scale · FY30
₹6,500 Cr
Gross merchandise value moving across the network.
Retailers on the network · FY30
70,000+
Pharmacies connected and ordering on Pharma OS.
Corridors are live and operating today; the FY30 figures are targets, not current state. For the full picture of where we are now — talk to the founders.
How we read the market.
Monthly notes on Indian pharma — where the industry is moving, what's structurally shifting, and what it means. No noise, no chest-thumping.
Monthly View · Q2 2026
What the US Big-3 tells us about where India's distribution goes
Three companies move 90%+ of US drug distribution. Fifty years ago, that market looked like India now.
Read note →Monthly View · Q1 2026
The 20-distributor problem on every pharmacy counter
Why the average Indian pharmacy works with ~20 distributors — and what that fragmentation costs the whole chain.
Read note →Founder's Special · Q1 2026
Software is the difference between a roll-up and an operator
Anyone can stack companies. Wiring them into one system is a different craft — and the one that compounds.
Read note →
For owners
Selling the business you built?
Liquidity for what you've built, continuity for your team, and upside in what comes next. We keep your relationships — we don't gut them.
Talk to a founder → For investorsBacking the consolidation of Indian pharma?
The thesis, the traction, and the model — in one place. Request access to the data room.
Request access →