Fundly.ai Raises $4M to Expand India Pharma Supply-Chain Platform

• Fundly.ai, a Mumbai-based B2B pharma distribution platform, has raised $4 million in an early-stage round led by existing investors Accel and Multiply, alongside a further $0.9 million in venture debt.
• Former RBL Bank executive director Rajeev Ahuja and a group of angel investors joined the round, according to Dealroom.co.
• The company will put the capital toward digital commerce, payments, and embedded credit across India’s fragmented pharmaceutical distribution network.

Fundly.ai, a Mumbai-based business-to-business pharma distribution platform, has raised $4 million in an early-stage round led by its existing investors Accel and Multiply. The company also brought former RBL Bank executive director Rajeev Ahuja and a group of angel investors onto its cap table, and it took on an additional $0.9 million in venture debt.

The Fundly.ai funding lands more than three years after the startup’s $3 million seed round in 2023, which Accel also led, and it marks a widening of ambition for a company that began as a single-product lender. Amit Chawla and Shreeram Ramanathan founded the business in 2021 after both spent time at the lending firm InCred, and they built the first version around supply-chain finance for pharmaceutical retailers and distributors.

Inside the Fundly.ai Funding Round

Fundly now runs three interconnected lines of business: B2B commerce, transaction and settlement infrastructure, and embedded credit. The fresh capital is earmarked for scaling those digital commerce, payments, and credit offerings deeper into India’s pharma supply chain, according to the deal disclosure.

The round’s composition carries its own signal. Repeat participation from Accel and Multiply points to continued conviction from backers who have watched the company evolve, while Ahuja’s arrival adds a veteran banking operator to a cap table built around a shift from lending alone toward a broader commerce-and-credit platform.

At the time of its 2023 seed raise, Fundly served more than 2,000 retailers and over 30 distributors across nine cities, with activity concentrated in Tamil Nadu, Maharashtra, and Andhra Pradesh, and it had disbursed more than ₹140 crore (about $17 million) in financing. Those figures describe the earlier stage of the business and predate the platform’s expansion into commerce and settlement.

A Pharma Supply-Chain Bet

India’s pharmaceutical distribution runs through a long tail of small pharmacies and regional wholesalers, many of them still managing working capital through manual credit arrangements and paper records. That fragmentation is the gap Fundly is targeting by folding financing, payments, and trade into one platform rather than offering credit as a standalone product.

The wager also sits inside a fast-growing category. India’s embedded-finance market is projected to expand from about $5.75 billion in 2024 to $28.6 billion by 2029, a compound annual growth rate near 37.8%, according to a ResearchAndMarkets databook on the sector. Healthcare financing and e-commerce lending sit among the segments driving that trajectory, which places pharma distribution squarely in the path of the trend.

With the new money in hand, Fundly’s task now is execution across three products at once, in a vertical where trust between pharmacies, distributors, and brands determines how quickly a platform can scale. The round adds Fundly to a steady run of India fintech funding rounds targeting the plumbing of business-to-business trade, where investors continue to back infrastructure over consumer-facing apps.

Editorial Note: Reported and edited by the Crypto India Magazine editorial team. We use AI tools to assist with research and drafting; every article is reviewed and fact-checked by our editors.

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