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Medlife gets $30 mn to scale up operations in doctor consultation, lab services and healthcare data management

Nandita Vijay, Bengaluru
Saturday, December 2, 2017, 08:00 Hrs  [IST]

Medlife International has received funding of $30 million from family capital and promoters, which would be used over the next year for scaling up operations. The company is bootstrapped and has had $15 million invested so far. The two-year old company which was launched as an online pharmacy, went on to diversify its services into online doctor consultation, laboratory services and healthcare data management among others.

“The company is gross margin profitable, thanks to our inventory led model and is set to be profitable at a corporate level by 2018. We have an annual run rate of Rs. 360 crore with 20% month on month growth rate. With the current growth rate the company is expecting to close this financial year with Rs. 300 crore in revenue, the pharma business contributing majority of the volume,” Tushar Kumar, founder & chief executive officer, Medlife International told Pharmabiz in an email.

The freshly infused funds will go towards ramping up the company’s fulfilment and warehousing capabilities, enhancing its presence in Tier 2 and Tier 3 cities, and marketing activity. We believe we have created a unique platform in one of the fastest growing markets in the world, and this platform can be the foundation of India’s leading healthcare services business in the years ahead, he added.

Considering that the promoters and the family has been in pharmaceutical business for a very long time, it was pretty clear that this is the future of pharmaceutical business in India with the added bigger flavor of overall healthcare. Forming a close relationship with the patient is always something that pharmaceutical companies have envisaged and with a platform like this, it is pretty much possible to do so, said the Medlife chief.

The company was founded with a mission to meet the inadequacies in the healthcare delivery system through technology intervention. The idea was to provide a platform which would enable a consumer to gain access to healthcare services at all levels, starting from ordering medicines online and getting them delivered at home or office, to e-consultation with doctors, having all health records digitally stored and scheduling diagnostic tests, he said.

Its  single consumer-facing mobile app can access all three services: doctor consultation, lab services and healthcare data management that simplifies the process for the end-users. It also offers a unique facility to doctors to create and store patient records online through the app. With over 6,70,000 downloads and 4-star user rating we are a brand to reckon with, in the healthcare space in India. “The success of the brand stems from the fact that the company has scaled its presence to over 100 cities in the country and hit one million customer base in three years,” stated Kumar.

 

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