Medlife International- An established body across all online pharmacy portals. An e-pharma startup and plan of action that comes up with pharmacy, diagnostics, and e-consultation. It was initiated by Prashant Singh and Tushar Kumar in 2014. The company has a central laboratory installed in Bengaluru. The company started as an online program for medicine delivery across 28 states and later expanded to offer online doctor consultation and diagnostic services. It offers a one-consumer facing mobile app for accessing all three services.
Possession of Companies
In 2018, this online pharmacy company was awarded as India’s Best Pharma Delivery e-Platform Company of the Year by Frost and Sullivan at the Fifth Annual India Best Practices Awards and also acquired a health tech setup e-Clinic 24/7. In August 2019, Ananth Narayanan (former CEO of Myntra) united with Medlife as the Co-founder and Chief Executive Officer. MyraMed, a medicine delivery setup, and MedLabz, a digital healthcare platform.
Outturn Period of the Company
According to the reports, Medlife possesses 30 percent of the e-Pharma market share in India. It has paved its way conscientiously towards success. Tushar Kumar, the CEO, and Co-founder of the company, has claimed during an interview with a news channel that the turnover of the company for the past years reached up to 330 Crores.
In the succeeding years, it looks forward to increasing by 20%, which will flock up to approx. 6000 crores. Prices of medicines at Medlife are 20% less than what is sold at pharmacy shops, which allows the company to save an extra commission, which is given to the third-party distributor or vendor.
Tushar Kumar, the CEO and Co-founder of Medlife says,” Medlife has come to a point where we have become operationally strong and we will be a turnout to be profitable by the next financial year.”
The CEO and the Co-founders of Medlife have claimed to have put $20 Million of their funds into the business. In addition to this, Kumar’s family trust funded $17 million to Medlife. This startup company raised Rs 110 Cr ($15 Million) from Wilson Global Opportunities Fund in debt funding.
An Express Medicine Delivery Service
Medlife made delivering medicines at doorsteps uncomplicated. This startup company claims to have scaled rapidly to become the first and only e-health platform to surpass Rs 100 crore GMV in a month. Medlife currently provides services in 29 states, 4,000 cities, and 20,000 pin codes in India fulfilling over 30,000 deliveries daily. In 6 years (2014-2020) Medlife becomes India’s Largest Online Pharm easy Medlife of worth $720 Million by overpowering every economic circumstance and emerged as India’s best medicine provider.