E-pharmacy start-up PharmEasy said Tuesday it has acquired peer Medlife for an undisclosed amount in a deal that skyrockets its position to number one as India's largest medicine delivery platform.
As per the deal, Pharmeasy will absorb Medlife's existing customers. To set up their accounts, Medlife's customers will have to log in on PharmEasy's mobile application using the same mobile number they were using Medlife. The setup will pull the customer’s address without extra effort on the customer’s part.
Medlife will halt operations from May 25, 2021, onwards, and its existing partners will be onboarded to PharmEasy's platform. The collaboration will further enable delivery across all pin codes of India while serving 2 million families.
The e-pharmacy space has seen a sharp rise in competition over the last couple of years, fuelled by a sharp rise in the online shopping space. Even bigwigs like Tata are looking to make acquisitions and stake-buys in the online space. Tata Group has signed an agreement to buy 65 percent in 1MG, an online pharmacy, valuing it around Rs 1,200 crore. Reliance Industries, in September 2020, had picked up a 60 percent stake in Netmeds .