Plazza, a quick medicine delivery startup, is in advanced discussions to raise around $15 million in a new funding round, as it looks to expand its store network and strengthen its hyperlocal fulfilment capabilities, according to people familiar with the matter.
The round is expected to see about $4 million each from Accel, Elevation Capital and Nexus Venture Partners, with the remaining $3 million likely to come from existing investors, including All In Capital, the sources said.
The funding could value the Bengaluru-based company at around $50 million, although deal terms are yet to be finalised.
This comes just months after Plazza raised $1.4 million in a seed round led by All In Capital, with participation from Better Capital and several angel investors.
The quick follow-on funding underscores both early traction and the capital-intensive nature of the model, which hinges on owning inventory and operating a dense network of hyperlocal fulfilment centres.
Founded as a rapid medicine delivery platform, Plazza promises deliveries within 15 to 60 minutes, positioning itself closer to a quick commerce player for pharmaceuticals rather than a conventional e-pharmacy marketplace. It follows an inventory-led approach, stocking medicines and healthcare products in dark store-like facilities to enable faster deliveries.
The segment is heating up, with startups such as Farmako and Medstown also pushing 30-minute delivery models and raising capital to scale.
At the same time, large platforms including Swiggy, Zepto, Flipkart, Tata 1mg and Apollo have entered or expanded in the category, intensifying competition.
Unlike traditional e-pharmacies that rely on centralised warehouses, newer entrants are increasingly adopting hyperlocal models — either by building inventory-led dark stores or partnering with neighbourhood pharmacies — to enable near-instant fulfilment. With consumer expectations shaped by rapid grocery and food delivery, the battle for dominance in quick medicine delivery is only just beginning.