Bengaluru-based e-pharmacy startup Medlife has raised ₹118.95 crores ($17 million) in an equity funding round from founder Tushar Kumar’s family trust, Prasid Uno Family Trust. The startup has issued equity shares in three tranches over the last two months as a part of the investment deal.
In February, 13,850 shares were issued at a price of ₹14,440 and ₹100 face value amounting to ₹19.99 crores. Then in March, 16,620 shares were issued at a price of ₹14,440 including ₹100 face value amounting to ₹23.99 crores and 51,939 shares at a price of ₹14,440 including ₹100 face value amounting to ₹74.99 crores.
However, Medlife has not officially commented on the deal. Founded by Tushar Kumar and Prashant Singh, Medlife is an inventory-based e-pharmacy that helps doctors digitally manage and store patient records. The startup gradually diversified its business model and included online doctor consultations, wellness products and diagnostic services.
Medlife began with an initial investment of ₹105 crores ($15 million) and later raised ₹210 crores ($30 million) from family capital. The startup has raised most of its capital from Kumar’s family trust. Kumar’s family is into pharma business for years and were involved in Alkem Laboratories. Before founding Medlife, both the founders started Tulip Lab Pvt. Ltd, a company that manufactures herbal and allopathic medicine products.