PharmEasy, an online pharmacy space, has bagged $220 million (approx INR 1,574 crore) funding from Temasek, and other clutch of investment groups, reported Entrackr.
Post transaction, the Mumbai-based PharmEasy’s valuation will touch around $700 million.
PharmEasy was founded by Dharmil Seth and Dhaval Shah in 2015. It provides a technology platform to offer various healthcare services like medicine delivery, medicine refills & reminders, along with teleconsultation.
The platform PharmEasy further integrates diagnostics centres, in order to help provide a comprehensive medical solution to its clients.
It claims to delivers medicines in over 710 cities including Mumbai, Delhi, Kolkata, Pune, Bengaluru, Jaipur, Thane, and Ahmedabad.
Apart from medicine delivery, its diagnostic tests are available in Mumbai (including Thane and Navi Mumbai), Delhi, Kolkata, Pune, Bangaluru, and Ahmedabad. The firm claims to serve over a million customers.
As per the sources, PharmEasy is leading the transactions volume market share at 29% whereas its rival 1mg witnessed significant downfall to 18% from 23% in the same period.
Furthermore, as per the reports, with lower prices and easy accessibility, the business of online pharmacy has emerged as one of the hottest segments in India in the past couple of years.
Besides PharmEasy, other similar startups in the segment include 1Mg, Medlife, Netmeds and Medplus, among others.