• Sat. Jul 27th, 2024

Medlife :  A Prime Example Of An Indian Startup.

ByNishat Manzar

Sep 16, 2023

Medlife is an online pharmacy with home delivery that has its headquarters in Bangalore, India. 

The company was established in 2014 by Prashant Singh and Tushar Kumar only to serve as a platform for the supply of medications. They sought to establish a virtual pharmacy in India that would increase cost and accessibility for patients. 

They reported operating income of Rs 135.7 crores during FY2018. They increased 2.7 times the next year, reaching Rs 363.4 crores in FY19. As they observed the market success of their company, they gradually moved forward to include other business categories. They included diagnostics and online consulting services in addition to medication. They were evolving into a one-stop shop for receiving prescription drugs and scheduling medical visits.

Singh and Kumar, the first co-founders, gave Medlife $20 million. Alkem Laboratories provided the firm with $30 million. Wilson Global Opportunities Fund provided an additional $15 million. across their time of operation, they were able to reach 25000+ pin codes across 29 states and 7 union territories of India. 

According to a Frost & Sullivan analysis, Medlife controls 30% of the Indian e-pharma industry. When Pharmeasy purchased Medlife, its position as the largest Indian e-pharmacy surged. Medlife was bought by Pharmeasy for an unknown sum. 

Medlife will continue to serve as a shining example of gradual, methodical success in India’s developing healthcare startup industry even after it ceases operations in May 2021.

On September 22, 2020, the Indian Competition Commission approved the merger of Medlife (Online Pharmacy) with PharmEasy.

It’s seen as the first significant industry consolidation since the entry of Amazon and Reliance. The promoters of Medlife will get a 19.5% ownership stake in the company, and PharmEasy’s Parent Entity will buy out all of Medlife’s shares.

The CCI issued its approval in September of 2020, even though the purchase discussions began in August of that year. PharmEasy did not formally announce its merger with competitor Medlife until May 2021, eight months after the CCI gave its clearance.

Medlife stopped operating and was integrated into the PharmEasy platform as of May 25, 2021. The business bought the majority of Medlife for $250 million.