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 →