To Scale up, Business Medlife has $30 million prescriptions

The Bangalore based epharmacy, Medlife which was founded by one of the founders of Alkem Laboratories has planned an internal investment of $30 million. This investment is done to scale up the epharmacy business.  This self-funded company has largely been funded by capital from the founders. An aggressive expansion strategy was planned by the company to scale up its epharmacy business in over 100 cities by 2018.

Medlife competes with multiple epharmacies likes 1mg, Netmeds, PharmEasy and others. Medlife was founded in 2014 by the son of Prabhat Naran Singh, one of the founders of Alkem Laboratories and Prashant Singh.

The company is operating in around 34 cities. This app-based medicine delivery platform can upload around 10,000 prescriptions and executes over 4000 shipments on daily basis. The company aims to achieve revenue of Rs 300 crore in 2017-2018.

Indian pharmacy market is at Rs. 1,20,000 crore out of which epharmacy is around 700-800 crore, but growing rapidly. Tushar Kumar, Medlife CEO said: “Online pharmacy is still a nascent business but is now on a very strong footing since regulatory hurdles are expected to resolve soon taking into consideration the government’s push for campaigns like Digital India and Startup India. We are looking to target tier II and tier III cities in India.”

Medlife being a self-funded company has seen multiple companies raising venture capital funding from marquee investors this year. Companies like PharmEasy closed a series B deal of $ 17 million from multiple investors such as Bessemer Venture Partners, Orios Venture Partners and Aarin Capital.

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