MedznMore had decided to stop operations in June due to the nation’s deteriorating macroeconomic situation.
The most well-funded health-tech startup in Pakistan, MedznMore, shut down, according to a report by Data Darbar. MedznMore had decided to stop operations in June due to the nation’s deteriorating macroeconomic situation.
Early in June, according to the Saad Khawar, a co-founder of the health-tech startup MedznMore, was when the decision to stop operations was made.
He made the statement in response to the recent sharp decline in Pakistan’s macroeconomic indicators, saying that it could not have come at a worse time for our fundraising efforts.
In response to a question about the management’s next move, Khawar stated, “We are in talks with a few big players who are looking to buy our technology and the brand, Tabiyat.pk. Although there isn’t a significant asset-liability gap, the company is working to pay off any outstanding debts.
I’m incredibly proud of what we were able to build and even more so of the team that we got to build it with, even though the things didn’t turn out as we had hoped. Working with these incredible colleagues has been a true honour, and I’d like to sincerely thank each and every one of them, he continued.
The company received $2.6 million in seed funding in October of the same year after being founded in September of that year. At the time, it was the biggest round in the Pakistani history.
In May 2022, the news of their $11.5 million next round of funding was released. Among the domestic and international participants were Integra Partners, Nunc Gestion, Atlas Group, Sturgeon Capital, Alta Semper, Lakson Group, and Premier Group.
The company asserts that during its brief tenure in the local health-tech market, its B2B healthcare services have benefited 10,000+ pharmacies.
For the B2C market, the company also created an online pharmacy called the Tabiyat.pk.