Medlife raises $17 Million in an equity funding round.
Medlife offers its services in 23,000 areas across more than 40 cities.
The firm assists doctors in digitally managing patients’ records.
Bengaluru based online pharmacy startup Medlife raised $17 Million in an equity funding round from founder Tushar Kumar’s family trust, Prasid Uno Family Trust. According to the Ministry of Corporate Affairs filings of Medlife International Pvt Ltd, in a period of two months, the firm has issued equity shares in three tranches. In February month the firm has issued 850 equity shares at a price of INR 14,440 including INR 100 face value per share amounting to INR 19.99 Crore. In March it also issued 16,620 equity shares at a price of INR 14,440 including INR 100 face value per share amounting to INR 23.99 Crore and 51,939 equity shares at a price of INR 14,440 including INR 100 face value per share amounting to INR 74.99 Crore.
Medlife came into action in 2014 by Prashant Singh and Tushar Kumar. It initially came as an inventory-led epharmacy and assisted doctors in digitally managing patients records. Further firm diversified its a portfolio of services to wellness products, doctor consultations, and laboratory services. The company commenced its operations with an initial fund of $15 Million and it further also receives funds of $30Mn from family capital and promoters. Recently Medlife is a largely self-funded company and has raised funds through Kumar’s family trust. Kumar operates a family run Alkem Laboratories. Kumar and Singh also operate Tulip Lab Pvt. Ltd, a manufacturer of herbal and allopathic medicine products.
Portfolio of services offered by Medlife:
- OTC to order healthcare and wellness products.
- Pharmacy to buy medicines online.
- Medlife Essentials for herbal supplements.
- Medlife Labs to book a free home sample collection for laboratory tests.
- Doctor Consultation to consult a doctor from home.
Medlife offers its services in 23,000 areas across more than 40 cities and clocking in nearly 15,000 deliveries a day. It also assures to have enabled consultations for more than 5 Lakh patients through over 1,000 doctors across more than 30 specialties. According to company statistics, Medlife runs an INR 100 Cr business in the Medlife Labs segment and has processed around 80,000 samples till date.
Medlife apart from diversifying its services on E-Pharmacy has also acquired EClinic 24/7’s technology at an undisclosed amount. Medlife has initiated providing this technology to customers in December 2018. Now customers can get immediate medical assistance like general physician consultation and opt for video or voice call via the Medlife portal. Medlife has also acquired a digital healthcare platform and a ‘diagnostics at home’ services company Medlabz in February 2019.
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