Online Pharmacy Start-up Medlife Raises INR 110 Cr from Wilson Global Opportunities FundThe funds will be utilized for working capital requirements, marketing business activities, technological development, employee costs, and to support the future growth of the company
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Online pharmacy start-up Medlife has raised INR 110 crore through the issue of 1,10,000 non-convertible secured debentures from Wilson Global Opportunities Fund according to Registrar of Companies (ROC) filings accessed byEntrepreneur India.
According to the document, the funds will be utilized for working capital requirements, marketing business activities, technological development, employee costs, and to support the future growth of the company.
Medlife was founded by Prashant Singh and Tushar Kumar in 2014. The Bengaluru-based healthtech start-up is currently operating in 29 states and over 4000 cities and towns across the country.
Medlife, raised $17 Mn in an equity funding round in April this year from the family trust of Kumar, Prasid Uno Family trust. In May this year, Medlife also acquired medicine delivery start-up Myra Medicines for an undisclosed amount.
Challenges of the Ecosystem
在线e-pharmacy生态系统已经面临ugh times. Last year, The Madras High Court imposed a ban on the e-pharmacies that were operating without a license. Moreover, fake drug menace in the country wherein the authenticity of medicines is getting questioned too brought the healthtech ecosystem under the radar. The government, on its part, is yet to come up with a proper framework that would clarify the position of e-pharmacies in India.
Additionally, the healthtech ecosystem in India is in need ofinvestment。从这个空狗万官方间往往高的企业家hlighted how investors need to provide greater financial support to healthtech start-ups to spur innovation and growth. They have also refuted the claims that the sector promises less returns and have concluded thathealthtech has potential to produce great returns.All these challenges are some of the reasons why making healthcare affordable and accessible is a dream, India continues to achieve.
Apart from Medlife, PharmEasy, 1mg and Netmeds are a few other start-ups in the e-pharmacy space that have carved a niche in the sector.
