A Bengaluru-based Indian ePharmacy start-up Medlife has successfully raised a total sum of $17 Mn (₹118.95 Cr) through an equity funding round from Prasid Uno Family Trust, which is Founder Tushar Kumar’s family trust.
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Medlife International Pvt Ltd has issued 3 tranches of equity shares in the last two months according to the Ministry of Corporate Affairs. All the equity shares issued had face value ₹100 where the price being ₹14440.
- Medlife's equity share worth February: 13850 equity shares worth ₹19.99 Cr. March: 16620 equity shares worth ₹23.99 Cr. March: 51939 equity shares worth ₹74.99 Cr. Click To Tweet
The foundation of Medlife
Tushar Kumar and Prashant Singh started Medlife in 2014, with an idea of Inventory-led epharmacy, which could help even Doctors to manage and store Patient records digitally.
Medlife received a funding of $30 Mn partially from Family capital and partially from Promoters once it was started but it all began with an initial investment of $15 Mn. Medlife has raised the money from Kumar’s Family trust which makes it a mostly Self-Funded Company. Tushar comes from a family with a similar background which owned Alkem Laboratories.
Medlife has made two major acquisitions till date, 1st being in November 2018 and 2nd in February 2019.
November 2018: EClibic24/7 ( amount undisclosed)
Once this the EClinic24/7’s Technology gets incorporated with Medlife platform, Patients can get immediate medical assistance like general consultation.
February 2019: MedLabz ( amount undisclosed)
A ‘diagnosis at home’ service and digital healthcare platform by MedLabz. The company plans to merge the diagnostic Platforms and Logistics of both the companies in order to become more efficient.
Medlife since its inception has been doing a lot of work
Medilife’s statistics team claims and display on their website they have served in over 23000 areas in 40 cities. They also claim to have a count of about 15000 Deliveries in a day. They say they have enabled consultation for over half a million patients with 1000 doctors from over 30 specialties.
- Online Store/Pharmacy to buy medicine and home delivery.
- Home collection of samples for Laboratory Tests at Medlife Labs and home delivery of reports.
- Online consultation with Doctors via Medlife portals.
- OTC to Order different wellness and healthcare products.
- Herbal Supplements by Medlife Essentials.
Medlife Labs also have a separate count of over 80000 samples processed till date.
Health-Tech Start-ups in India
It is presently been estimated to have around 4500-4800 active Health-Tech Start-ups in India. Since 2018, there have been fluctuations in the frequency of investments in health tech startups, but still, over $500 Mn have been invested in HealthTech ventures.
But this epharmacy range got struck by big trouble in October 2018 when Madras High Court put a ban on the online sale of medicines which was followed by Delhi High Court. Madras High Court has put up a stay order on the ban where Delhi High Court is yet to follow that. Now the decision lies with Central Government’s action with the new Rules regarding online medicine sales as both the courts have directed it to them.
These legality issues will definitely have an impact on the development of the business.
The list of such start-up success stories doesn’t end here. Read how HealthTech start-up Abita got seedfunding.