Bengaluru-based pharmacy e-retailer has raised around ₹110 crores from Wilson Global Opportunites Fund in a debt funding round. The startup will use the funds for the development of its technology, boost marketing, meet employee expenses and support its future growth, according to various media reports.
Founded by Tushar Kumar and Prashant Singh in 2014, Medlife started its journey as an inventory-led e-pharmacy company which helps doctors directly and digitally manage and store patients records.
In August this year, ex-Mytra CEO Ananth Narayanan joined Medlife as its co-founder and Chief Executive Officer. In an earlier interaction with Inc42, Ananth said that the startup is looking forward to raising external funding of over $150 million (₹1050 crores) to expand its operations.
The startup currently manages more than 20,000 deliveries every day across 29 states and 25 Pincode locations. As of March this year, Medlife crossed ₹1,000 crores plus run rate. The firm expects to achieve overall sales of ₹1,500 crores in the next financial year with an exit run rate of ₹2,000 crores. Medlife also expects to achieve breakeven in terms of unit economics in the next 18 months.
Earlier in its course of operation, Medlife has raised ₹119 crores in an equity funding round from founder Tushar Kumar’s family trust, Prasid Uno Family Trust. The company was started with an initial investment of ₹105 crores and later received ₹210 crores from family capital, angel investors and promoters.
In August this year, Medlife was reportedly in talks with pharma company Cipla to raise around ₹150 crores to ₹170 crores. Medlife has also invested in other companies like the acquisition of Bengaluru-based Myra Medicines for an undisclosed amount in May this year and acquisition of digital healthcare platform startup Medlabz in February this year. In 2018, the company also acquired Mumbai-based EClinic24/7.