Medlife, a self-funded company based out of Bangalore has decided to take its epharmacy business a few notches higher by planning an internal investment of $30 million. Medlife was founded by Tushar Kumar and Prashant Singh in the year 2014. Up until now, Medlife has been functional in 34 cities of India. This funding will allow Medlife to embark on an aggressive expansion scheme of bringing 100 cities under its ambit, strengthen its technical capabilities and diversify into other related areas like online consultation. The company currently carries out over 4000 shipments on a day to day basis and is well set to reach its target of Rs 300 crore in revenue for FY 2017-18.
To quote Tushar Kumar, CEO of Medlife, “Online pharmacy is still a nascent business but is now on a very strong footing since regulatory hurdles are expected to resolve soon taking into consideration the government’s push for campaigns like Digital India and Startup India. We are looking to target tierII and tier-III cities in India.”