Medlife, Indian online pharmacy, announced crossing the 1000 crore plus run rate as of March 2019. The company expects to achieve overall sales of 1500 crores with an exit run rate of 2000 crores over the next financial year. Medlife has been witnessing robust growth and expects to turn profitable this year.Its pharmacy segment showed a 3x growth from last year and the lab vertical contributed 40 to 45 crores towards the revenue.
While Tier 2 and 3 cities are the fastest growing segments for Medlife, metro cities contribute to 70% of the share. As per Frost and Sullivan, the e-pharmacy market is valued at 450 to 475 billion dollars and Medlife has a 30% market share presently. The market is growing rapidly and Medlife expects to have 50% share of the pie in the next 2 to 3 years.
Speaking about this, Tushar Kumar, Founder & CEO, Medlife International Pvt. Ltd said, “We are happy to share that Medlife is a frontrunner in the online healthcare spacetoday. While pharmacy remains our topline contributing to 75% of the revenue, the lab segment is also showing steady growth. We also hope to double our run rate in the coming financial year and achieve a steady growth year-on-year.”
Medlife started with an initial investment of $15 million, and later received funding of $30 million trough family investment and promoters. The founders are planning to raise investment of $65 million and will seek funding from the family to be used as growth capital.
Currently, they service over 20,000 deliveries daily across 29 states in over 4,000 cities and 25,000 pin codes in India.Medlife’s customer-centric approach ensures that people get the best value for their money and save considerable time on every purchase through a two-hour delivery option. They offer genuine healthcare products from authorized dealers at discounted prices, cashback,and referral discounts. Medlife’s USPs also includes a transparent inventory-led model and the steadfast conviction to sell drugs only against a valid doctor’s prescription.
Medlife’s lab services are currently operational in Bengaluru, Mumbai, Delhi NCR, Kolkata,Jaipur, Pune, Kanpur, Lucknow, and Hyderabad; and will be extended to other locations. They have launched their first offline store in Mumbai and their first diagnostic lab in Bengaluru in March 2018 with the direct approach of providing easily accessible high-quality diagnostics services at affordable prices in Tier I/II cities.