Who is Arjun Deshpande and what is his Ratan Tata backed startup?

Generic Aadhaar is a pharma based start-up founded in 2018 by Arjun Deshpande – a Thane based Entrepreneur. The idea behind the company is to buy generic drugs from manufacturers and supply it to the retailers, thereby eliminating middlemen’s share. The USP of this start-up is to provide medicines to end customers at an 80% lesser price than the market price. It mainly offers diabetes and hypertension drugs and is planning to start offering Cancer drugs soon at a rate much lower than the prevailing market price. The founder says his vision is to provide low-cost pharma drugs to all Indians. 

 

 

Who is Arjun Deshpande?

Arjun Deshpande alumina of DAV public school, Thane. He launched the company at the age of 16. His mother owns a pharmaceutical company while his Father runs a travel agency. Arjun used to travel to different countries with his mother on her official trips. On his journey, he visited several plants worldwide where he observed that India being a major manufacturing hub of generic drugs, involves the low cost of production butthe heavy brand cost makes it impossible for the end customers to take low-cost advantage.

 

Arjun says Generic Aadhaar supports PM’s policy of “Make in India “ and “Start-up India”. Arjun Deshpande- the founder is also being awarded as “Student Entrepreneur of the Year 2019 for his pharmaceutical venture. 

 

“I believe we should be a job creator rather than a job seeker,” says young entrepreneur Arjun. Having the first investor as his family, Arjun initially borrowed 15 lakhs from his family to start his venture. 

 

At present generic Aadhaar has 25 stores in the Mumbai region. Having all total of 55 employees which includes pharmacists, IT engineers, and marketing professionals. 

 

The vision of this young entrepreneur behind this start-up is to support single medical stores facing tough competition from online business and malls. The basic aim is to cut down the middlemen’s cost and making it in the reach of end customers at lesser costs. 

 

Business model:

It works on the B2B2C model, where the medicines are directly brought from the WHO GMP certified factories and are supplied to local retailers resulting in the elimination of branding costs. Which in turn benefits the end customers mainly comprising of senior citizens and pension holders. Generic Aadhaar has a tie up with WHO GMP certified manufacturers located at Palghar, Ahmedabad, Pondicherry, and Nagpur. 

At present, 30 retailers from Mumbai, Pune, West Bengal, and Odisha are part of this venture. 

 

Funding: 

Former chairman of Tata sons, Mr. Ratan Tata has also invested an undisclosed amount in this venture in his personal capacity. Earlier, some false news reports claimed that the former chairman has acquired a 50% stake in this venture to which he denied considering it as a minority token investment. 

 

Future prospects:

Generic Aadhaar claims to have a annual turnover of 6 crore.” It’s future prospects involves setting up of 1000 franchisee medical stores under generic Aadhaar venture and to expand to the rest of Maharastra, Gujarat, Tamil Naadu, Andhra Pradesh and Delhi “ says entrepreneur Deshpande. 

 

Picture Credit- Business Standard *

 

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