A Bengaluru based EPahrmacy Company Medlife is planning an internal investment of $ 30 million to scale up its ePharmacy business. Medlife is founded by founders of Alkem Laboratories.
Medlife’s Business Expansion Strategy
The self-financed organization, which has to a great extent been supported by capital from the authors, has so far been working in a peaceful mode. The organization has now arranged a forceful extension methodology to scale up its ePharmacy business to more than 100 urban communities by 2018, reinforce innovation abilities and go into related verticals, for example, diagnostics and econsultation.
Medlife is founded in 2014 by Tusha Kumar, son of Prabhat Narain Singh, one of the founders of Alkem Laboratories. The firm now competes with multiple ePharmacies such as 1mg, Netmeds and PharmEasy.
Medlife with a positive gain margin is operational in 34 cities. The app based medicine delivery platform is executing over 4000 shipments on daily basis. The firm is on its way to achieve a sum of 300 crores in revenue for fiscal year 2017-18.
India’s ePharmacy market is pegged at Rs 1, 20, 000 crore of which ePharmacy is about Rs 700-800 crore and is also growing rapidly.
Online Pharmacies raises venture capital from marque investors
While Medlife is to a great extent self-financed, the online drug store part has seen numerous organizations raising investment subsidizing from marque financial specialists this year. These incorporate, Gurgaon-based online drug store HealthKart which brought $15 million up in series-C from HBM Healthcare Investments other than existing financial specialists Sequoia Capital, Maverick and Kae Capital taking an interest in the round.
Additionally, Mumbai-based PharmEasy shut a $17-million series-B deal from various financial specialists including Bessemer Venture Partners, Orios Venture Partners and Aarin Capital. Bengaluru-based Myra allegedly brought around $7 million up in subsidizing from Matrix Partners and Times Internet to support its development designs.