Cipla, a pharmaceutical giant is aiming to invest between ₹150- 170 crore in Medlife, a Bengaluru-based e-pharmacy startup. At present, both the companies are in advance discussion with each other.
While, according to sources, the investment will help Cipla with a significant channel to market.
Medlife was founded by Tushar Kumar and Prashant Singh in 2014. The startup began as an inventory-led epharmacy and helps doctors digitally manage and store patient records.
With time, it has diversified to online doctor consultations, wellness products and laboratory services.
The company claims to service over 20,000 deliveries across 29 states and 25,000 pin codes, and to have crossed the INR 1000 cr plus run rate as of March 2019.
On the other hand, Cipla is an Indian multinational pharmaceutical and biotechnology company, headquartered in Mumbai. It primarily develops medicines to treat respiratory, cardiovascular disease, arthritis, diabetes, weight control and depression; including numerous medical conditions.
Furthermore, according to the statistics, there are at present more than 4,800 active healthtech startups in India. In 2018, there was an overall increase of 45.06 per cent in the total investment made in healthtech startups.
Besides, Medlife, other significant leading epharmacy startups includes 1MG, PharmaEasy, NetMeds, Alto Farmacy, etc.