About IdeaRX
IdeaRX is a Healthcare company based in Chennai (India) founded in 2016 by Saravanan Vivekanandan. IdeaRX has raised $1.34 million across 3 funding rounds from investors including Dr. Agarwal's Eye Hospital, vidhay and Muthulakshmi Sankaralingam. IdeaRX was last valued at $1.75 million in November 2021. Its chief executive, as recorded, is Saravanan Vivekanandan. Its Indian entity Idearx Services Private Limited reported revenue of ₹56.86 Cr. IdeaRX offers products and services including ProfitAI and Hospital Buyers Club. Its focus areas include HealthTech, Healthcare IT, Provider and Administrative Solutions. Its competitors include Medikabazaar and Aknamed; 2 of its 2 listed competitors have raised funding.
Company details
Platform to optimize hospital pharmacy and procurement operations. The company offers a range of services, including intelligent inventory management, assisted buying, and distribution management, to help hospitals eliminate costs and enhance productivity. It is tailored to hospitals, helping to optimize pharmacy key performance indicators leading to significant profit increases, enhance patient care, doctor engagement, and enhanced employee performance. It offers features such as AI-driven predictive forecasting and auto purchase order generation, healthcare industry database and manufacturer relationships, and more.
- Headquarters Chennai, India
- Founders Saravanan Vivekanandan
- Stage Minicorn
- SectorsHealthcare
- Email••••••••
- Phone•••• ••••
- Website idearx.in
- Social LinkedIn
- Legal Name Idearx Services Private Limited
- Date of Incorporation 18 Jun, 2016
- Jurisdiction Chennai, Tamil Nadu, India
- Annual Revenue₹56.86 Cr
FY 2024 · +19% YoY
- Net Loss-₹8.27 Cr
FY 2024 · -15% margin
- EBITDA-₹3.90 Cr
FY 2024 · -7% margin
- Total Equity Funding$1.34M (USD)
in 3 rounds
- Latest Funding Round$805.12K (USD), Seed
Nov 2021
- InvestorsDr. Agarwal's Eye Hospital
& 2 more
Associated legal entities of IdeaRX
IdeaRX operates through Idearx Services Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Idearx Services Private Limited CIN U85190TN2016PTC110978 | Active | 18 Jun 2016 | Sriperumbudur, Tamil Nadu | ₹56.9 Cr | 18 | 2 | View details |
Products & Services of IdeaRX
IdeaRX offers a comprehensive portfolio of products and services, including ProfitAI and Hospital Buyers Club.
AI tool for optimizing hospital pharmacy profits and KPIs.
Platform for group purchasing and hospital partnerships.
Funding Insights of IdeaRX
IdeaRX has successfully raised a total of $1.34M across 3 strategic funding rounds. The most recent funding activity was a Seed round of $805.12 thousand completed in November 2021. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $1.34M
- Total Rounds 3
- Last Round Seed — $805,122
- First Round $300,650
(Feb 2017)
- Investors Count 3
All 3 funding rounds of IdeaRX with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Nov 2021 | $805,122 | Seed | $1.75M | vidhay | – |
| May 2021 | $237,671 | Seed | $1.36M | vidhay | |
| Feb 2017 | $300,650 | Seed | $••••• | Dr. Agarwal's Eye Hospital | – |
| Date | Valuation | Stage |
|---|---|---|
| Nov 2021 | $1.75M | •••••••• |
| May 2021 | $1.36M | •••••••• |
Last known valuation $1.75M (Nov 2021). 3 investors in total: 2 institutional and 1 angel.
Investors in IdeaRX
IdeaRX has secured backing from 3 investors, including institutional and angel investors. Prominent investors backing the company include Dr. Agarwal's Eye Hospital, vidhay and Muthulakshmi Sankaralingam.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
| vidhay.tcc.mode | ||||
Chain of eye care hospitals | 1957 | dragarwal.com | Chennai, India | |
MS Muthulakshmi Sankaralingam | unknown_e37c9460f40f49e1b |
Investor details for IdeaRX
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Board of directors of Idearx Services Private Limited (IdeaRX)
Idearx Services Private Limited is the primary company behind IdeaRX. The board of Idearx Services Private Limited currently have 2 directors; the longest-serving is Vivekananthan Saravanan, appointed in 2016. 1 earlier director has ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Vivekananthan Saravanan DIN 01946031 | Director | 18 Jun 2016 | 10 yrs 4 mo | Idearx Services Private Limited |
| Anosh Agarwal DIN 02636035 | Nominee Director | 27 Feb 2017 | 9 yrs 7 mo | Idearx Services Private Limited |
People of IdeaRX
1 people are tracked at IdeaRX (1 in leadership).
| Name | Role | Group |
|---|---|---|
Saravanan Vivekanandan | Co-Founder & CEO | Leadership |
Complete people profiles for IdeaRX
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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Financials of IdeaRX
Figures of Idearx Services Private Limited, the primary company behind IdeaRX, for FY 2024. Revenue was ₹56.86 Cr (+19% year on year). Net loss was -₹8.27 Cr (-15% margin). EBITDA was -₹3.90 Cr (-7% margin). Revenue has grown at a compounded annual rate of +58% over three years and +52% over five years.
- ₹56.86 CrRevenue · FY 2024 · +19% YoY
- -₹8.27 CrNet loss · -15% margin
- -₹3.90 CrEBITDA · -7% margin
- ₹3.4 LakhPaid-up capital
- 18Employees (provident fund records)
- +58%Revenue CAGR, 3 years
- +52%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Idearx Services Private Limited are on its company page.
Detailed financial statements for IdeaRX
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
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Timeline of IdeaRX
4 dated milestones of IdeaRX across 5 years, from founding to its latest funding, stage changes and deals.
- Founded IdeaRX is founded.
- Funding First funding round of $301K.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Seed, of $805K.
Competitors of IdeaRX
IdeaRX has 2 listed competitors in our database, 2 of them funded. They include Medikabazaar and Aknamed.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| medikabazaar.com | 2014 | Mumbai, India | $184.89M | 547 | Online marketplace for medical supplies, equipment, and devices catering to healthcare providers | |
| aknamed.com | 2018 | Gurugram, India | $21.85M | 246 | Cloud and AI-based material management software for hospitals is offered. |
Detailed competitors of IdeaRX
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Related news about Idearx
Complete news archive for IdeaRX
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Frequently Asked Questions about IdeaRX
IdeaRX was founded in 2016 and raised its 1st funding round 1 year after it was founded.
IdeaRX is headquartered in Chennai, India. It is registered at Chennai, Tamil Nadu, India.
Saravanan Vivekanandan is the CEO of IdeaRX, as recorded in our data. They have also founded this company.
IdeaRX is a funded company, having raised a total of $1.34M across 3 funding rounds to date. The company's 1st funding round was a Seed of $300.65K, raised on Feb 2017.
The primary company behind IdeaRX, Idearx Services Private Limited, reported revenue of ₹56.86 Cr for FY 2024, up 19% year on year.
Platform to optimize hospital pharmacy and procurement operations. The company offers a range of services, including intelligent inventory management, assisted buying, and distribution management, to help hospitals eliminate costs and enhance productivity. It is tailored to hospitals, helping to optimize pharmacy key performance indicators leading to significant profit increases, enhance patient care, doctor engagement, and enhanced employee performance. It offers features such as AI-driven predictive forecasting and auto purchase order generation, healthcare industry database and manufacturer relationships, and more.
IdeaRX's top competitors include Medikabazaar and Aknamed.
IdeaRX offers ProfitAI and Hospital Buyers Club.
IdeaRX has 3 investors. Key investors include Dr. Agarwal's Eye Hospital, vidhay, and Muthulakshmi Sankaralingam.
The valuation of IdeaRX is $1.75M as of Nov 2021.
IdeaRX operates through Idearx Services Private Limited.
The legal entities of IdeaRX currently have 2 directors, including Anosh Agarwal, Vivekananthan Saravanan.