Medlife’s Acquisition Spree
Medlife International Private Limited is India’s largest e-pharmacy and its health care products store operates in more than 13 cities. Started in 2014 by Tushar Kumar and Prashant Singh. The award-winning application provides quality services without any inconvenience. It provides you services such as e-pharmacy for all health need products, doctor’s consultation, ordering over-the-counter (OTC) health care products and booking diagnostic tests. All of these services are accessible at your doorstep.
Medlife has recently acquired Medlabz, a Mumbai-based online health care platform, and home diagnostics service provider. Medlife seeks to grasp deeper into the diagnostic sector and under it, reinforce its business of wholesale and retail sale of pharmaceutical products, medicines, telephonic consultation, federated services. Post-accession, the Medlabz CEO will join the core team of Medlife at Bengaluru and will be forefront directing the Diagnostics Vertical for Medlife.
In November 2018, The Bengaluru-based e-pharmacy company had acquired another start-up called EClinice24/7. With the accession, Medlife, which so far gave teleconsultation, they started with the chat and video-based doctor consultation too. It will assist adding 1,000 doctors to Medlif’s base of 3,600 doctors. The strategy is to add more 10,000 doctors by next year.
The accession will help to raise the firm’s annual turnover by Rs. 830 crores for the Fiscal Year 2019, said the CEO and founder of Medlife, Tushar Kumar. The income for the last fiscal year was Rs. 300 crore and it is targeting to hit almost 3 times.
“We are expanding at a much quicker rate because of the services that we provide. We have four distinct lines of revenue at present involving e-diagnostics services, corporate tie-ups. The accession will assist us to provide an inflating and flawless health care experience in online consultation on the media dais for both parties, patients and doctors which will also strengthen our revenue,” Kumar said adding the accession will help to build a good revenue contribution from online consultation at 5% to 10% bracket of its overall business in the near future. Presently, around 80% of the income is generated through online sales of medicines.
Kumar addressed that Medlife, which is financed by the family office of Alkem Laboratories, is the biggest player on the internet platform with a 35% market share. The biggest competitors are 1mg, Netmeds, Pharmeasy, Practo, among others. Medlife originally started as on e-pharmacy to provide online drug and medicine delivery platform and then extended operations into doctor’s e-consultation and laboratory services.
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