Medlife

Last updated
Medlife International Pvt Ltd
Company type Private
Industry
Founded2014 (2014) [1]
Founders
  • Prashant Singh
  • Tushar Kumar
Defunct2021
FateMerged with PharmEasy
Successor PharmEasy
Headquarters
Bangalore, Karnataka
,
India
Area served
India
Services
RevenueIncrease2.svg₹363.4 crore (US$44 million) (FY 2019)
Number of employees
5000
Parent PharmEasy (100%)
Subsidiaries
  • Medlife Diagnostics (MedLabz)
  • PinHealth
  • Medlife Xpress (MyraMed)
Website www.medlife.com

Medlife was an Indian online platform, which provided pharmacy, diagnostics, and e-consultation in India. It was founded in 2014 by Prashant Singh and Tushar Kumar. The company had a central laboratory based in Bangalore and operated in 29 states. [2] [3] [4] [5] [6] In 2021, PharmEasy acquired Medlife, and merged Medlife's operations into its own platform.

Contents

History

The company started out as an online platform for medicine delivery and later expanded to offer online doctor consultation and diagnostic services. [7] Medlife offered one consumer-facing mobile app for accessing all three services. [8]

Founding team Saurabh Mittal (CTO), Saurabh Agarwal (CFO) and Raghunandan Sreenivasan (COO) led the company to over $150M ARR within four years of incorporation.

In November 2018, Medlife acquired healthcare start-up EClinic to expand Medlife's e-consultation services and enhance online doctor access. [9] [10]

Medlife’s diagnostic services were still in their early stages, primarily offering lab tests and limited home sample collection. In January 2019, [11] Medlife strategically acquired MedLabz, [12] a three-year-old digital healthcare startup providing diagnostic and AI-driven health services, operating in 120 [11] cities. [13] MedLabz was founded by IIT Bombay and IIT Delhi alumni, including Harshal Jain, Kumar Akarsh, Piyush Singh, Srikanth Kumar Manne, Nimish Mehta, and Siddharth Bidwan (Founding CEO).

In May 2019, [14] Medlife acquired MyraMed, a medicine-delivery startup to boost its medicine delivery service and expand its logistics network. [15] [16] [17]

In August 2019, Ananth Narayanan (former CEO of Myntra) joined Medlife as the Co-Founder and Chief Executive Officer. [2] [18]

According to a Frost and Sullivan report Medlife owns 30 per cent of the e-Pharma market share in India. [19] [20]

In May 2020, Medlife became multilingual, offering Hindi language. [21]

In May 2021, Medlife was acquired reportedly for $250 million by PharmEasy, as a result of which Medlife's operations were discontinued and users were migrated to PharmEasy. The merger made PharmEasy the largest e-pharmacy company in India with 2 million customers. [22] [23]

Funding

Medlife received roughly $30 million from Alkem Laboratories' Family Office. Kumar and Singh also claim to have put $20 million of personal funds into the business. [9]

In April 2019, Medlife received $17 million in funding from Kumar's family trust. [7]

In December 2019, Medlife raised $15.5 million from Wilson Global Opportunities Fund in debt funding. [24]

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References

  1. ↑ "Medlife International Private Limited Information - Medlife International Private Limited Company Profile, Medlife International Private Limited News on The Economic Times". The Economic Times. Retrieved 2020-04-09.
  2. 1 2 "Ex-Myntra chief executive Ananth Narayanan joins Medlife". www.businesstoday.in.
  3. ↑ "Medlife acquires Bengaluru-based Myra Medicines". @businessline.
  4. ↑ "Medlife launches #GoodHealthIsFreedom campaign ahead of Independence Day - ET BrandEquity". ETBrandEquity.com.
  5. ↑ "Medlife acquires Mumbai-based MedLabz". @businessline.
  6. ↑ Malik, Yuvraj (June 13, 2019). "SoftBank in talks to invest $70 million in Indian e-pharmacy Medlife" – via Business Standard.
  7. 1 2 "Online healthcare startup Medlife gets $17 mn in fresh funding". Techcircle. April 12, 2019.
  8. ↑ "Online healthcare startup Medlife readies $30 mn booster shot". VCCircle. August 28, 2017.
  9. 1 2 "Medlife acquires healthcare start-up EClinic, plans $100 million expansion". @businessline.
  10. ↑ inventiva (2018-11-22). "Medlife Acquires HealthTech Startup EClinic24/7; To Invest $100 Mn for E-Pharma Expansion". Inventiva. Retrieved 2020-04-09.
  11. 1 2 "Health-tech platform Medlife acquires MedLabz". VCCircle.
  12. ↑ "Medlife International acquires healthcare start-up Medlabz". @businessline.
  13. ↑ "Medlife acquires Mumbai-based Medlabz". COMMERCIAL-LAW BLOG. 28 March 2019.
  14. ↑ Peermohamed, Alnoor (6 May 2019). "Medlife acquires Myra to take ePharma service to 22 cities". The Economic Times.
  15. ↑ "Medlife Acquires Myra Medicines For Express Delivery And Data Science Capabilities". Forbes India. Retrieved 2020-04-09.
  16. ↑ "Medlife acquires e-pharmacy Myra to expand delivery services". VCCircle. May 6, 2019.
  17. ↑ "Medlife buys Bengaluru-based medicine delivery startup Myra Medicines". www.pharmabiz.com.
  18. ↑ "Medlife hopes to achieve 100% growth by the end of this financial year, will take its diagnostics offering to 50 cities within the next 24 months". Business Insider.
  19. ↑ "We will be the largest e-Diagnostic player by March 2019: Prashant Singh, MedLife - Exchange4media". Indian Advertising Media & Marketing News – exchange4media.
  20. ↑ Bureau, BW Online. "Medlife Clocks Run Rate of 1000 Cr in FY 2019 Amidst Steady Growth". BW Disrupt.{{cite web}}: |last= has generic name (help)
  21. ↑ Awasthi, Prashasti. "E-healthcare platform Medlife goes multilingual to deepen its reach". @businessline. Retrieved 2021-03-23.
  22. ↑ Ahmad, Samreen (25 May 2021). "PharmEasy acquires Medlife, becomes India's largest e-pharma company". www.business-standard.com. Retrieved 4 January 2023.
  23. ↑ The Economic Times. "Pharmeasy buys Medlife, creates India's largest online pharmacy".
  24. ↑ "Medlife Raises $15.5 Mn From Wilson Global Opportunities Fund For Growth". Inc42 Media. 2019-12-18. Retrieved 2021-03-23.
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