Online Pharma Startup MedLife raised $17 Million in Equity funding
The Rise of Pharma care startups in India
India has more than 50+ e pharmacy startups that have raised more than $100 Million so far.
Bengaluru based largest pharmacy online store, Medlife has announced its equity funding of $17 Milion or 118 Crores from Prasid Uno Family Trust. Launched in 2014 as a simple online pharmacy store, Medlife has done fantastic work in reaching its target audience with advertisements featuring Mr Boman Irani and other Bollywood celebrities. Medlife has its presence in all the 29 states and 100+ cities across India. With 5 lakhs active customer base and 15,000 daily deliveries across India.
Founded by CEO Mr Tushar Kumar and Prashant Singh, Medlife aims to solve the problems in the Indian Pharmacy and health care sector. Prior to this funding, Medlife acquired 2 startups, eclinic24/7 which is an online telemedicine platform which enables the customers to receive immediate medical assistance either through video or voice calling from the doctors via Medlife portal. It helps you to consult a doctor immediately on their application and you can even take a second opinion from a different doctor.
Another acquired company is a Mumbai based company, Medlabz which is a healthcare portal which can perform diagnostics services for the patients in both online and offline mode. With a simple click, Medlabz people would come to your office/home to collect the samples and share the reports over the cloud. you need not spend much time for checkups and they have discounted prices in their portal. With these two investments, Medlife is bridging the gap between offline and online pharma and healthcare stores.
Other companies that raised the highest amount of funding in the Healthcare and pharmacy sector are Netmeds, 1MG & Pharmaeasy.
Chennai based Health care startup Netmeds has raised $99 Million so far. It completed its Series C funding recently. Dhoni is the official brand ambassador for Netmeds for this IPL season.
Pharmeasy raised more than $115 Million after its series C funding round. 1MG is in Series D funding and raised $94 Million till date. They need heavy investments as their Cost to Acquisition of a customer is very high. Netmeds and Pharmeasy started sponsoring cricket matches to acquire more customers. Netmeds, 1MG, Pharmeasy are in the same pace and they have tripled their sales in 2018 by reaching more target audiences and launching in new cities.
The Future looks bright with companies like these helping the aged people to get their checkup and medical treatments are done sitting at home. Healthcare should be a basic civil right with a healthy caring system in place.