The move will also accelerate Medlife’s path to profitability, cited reliable sources.
India’s leading online pharmacy and healthcare platform Medlife has reportedly announced that it has acquired Bengaluru-based medicine delivery startup Myra Medicines to scale express delivery services of Myra across its network. Myra’s delivery service spans 4,000 cities across 29 states of India. The move will also accelerate Medlife’s path to profitability, cited reliable sources.
Reportedly, Medlife has crossed the revenue run rate worth INR 1,000 crore in March. The company has anticipated to achieve overall sales of INR 1,500 crore in the current financial year. It aims to exit the current financial year, ending March 31, 2020, with a run rate of INR 2,000 crore.
As per reliable sources, Medlife didn’t provide financial details of the transaction. The deal is anticipated to be an all-stock transaction.
Cited reliable sources, e-pharmacy businesses of India, including 1MG, PharmEasy, Medlife and Netmeds, is pegged at between $450 million to $475 million. Medlife has claimed the market share of 30 percent. It aims to capture half the market with acquisitions like Myra and further planned investments.
Tushar Kumar, CEO and Founder, Medlife, reportedly stated that the acquisition of Myra will turn to be a game changer in the delivery of quality services for access to medicines. The company aims to achieve a delivery window of 30-minute to 1-hour in the next quarter, he further added.
Medlife has reportedly raised $50 million to invest in the business. The company has anticipated to raise an additional fund of $100 million for expansion of operations. The expansion will include services like diagnostics labs, which already forms a part of Medlife, while it is seen as the flagship life of business.
For the record, Myra has handled around 4,000 deliveries a day in Bengaluru, which is its main market. Myra owns a warehouse where it stocks more than 22,000 products, ensuring quick deliveries.