According to a report earlier today, Pakistan’s most well-funded health-tech firm, MedznMore, has shut down after deciding to suspend operations in June because to the worsening macroeconomic scenario in the nation.
Co-founder Saad Khawar stated that the company made the decision to cease operations at the beginning of June. He later released a statement in which he lamented the unfortunate timing of the Fundraise campaign, saying, “Pakistan’s macros nosediving for the worst over the past many months couldn’t have come at a worse time for us.”
Khawar, speaking for the management, stated, “We are in talks with a few significant businesses who are willing to buy our technology and brand, Tabiyat.pk. There is no significant disparity between assets and liabilities, but the business is working to eliminate any outstanding debts.
Even though it didn’t turn out the way we had intended, I’m really proud of what we were able to accomplish, and I’m even more proud of the people I got to accomplish it with. He continued, “It has been my distinct honor to work alongside such brilliant people, and I am grateful to each and every one of them.”
The health tech setup got massive funding in the past
The company started out in September of 2020 and received $2.6 million in seed funding the following October. At the time, it was the largest round ever fired in Pakistan.
They plan to raise another $11.5 million in May of 2022. There were both domestic and international firms represented, including Integra Partners, Nunc Gestion, Atlas Group, Sturgeon Capital, Alta Semper, Lakson Group, and Premier Group.
The company has only been around for a short time in the health IT industry, but already they claim to have helped more than 10,000 pharmacies with their B2B healthcare services. For the business-to-consumer sector, the firm has also created Tabiyat.pk, an online pharmacy.
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