MedPlus eyes raising $50 mn to finance its expansion plans

Retail pharmacy chain MedPlus Health Services said it is in the process of raising USD 50 million by the end of current financial year to finance its expansion plans. According to company's CEO Madhukar Gangadi, the company with over 1,300 outlets across the country is expected to post revenues up to Rs 1,800 crore this year against Rs 1,350 crore last year.

"We are not looking at IPO right now. We are looking to raise funds. We are in the process. We are planning to raise USD 50 million for expansion. We may close it by March," Gangadi told reporters in Hyderabad. Gangadi holds 20 per cent of the equity of the company while employees and other investors are holding rest of the stake.

MedPlaus has launched its online platform for offering clinical laboratories in Hyderabad. "We will very quickly go to Bangalore and Chennai where we have more than 200 stores (both cities put together) and after that we will go to Kolkata," he said on expanding lab services. Home services for collection of blood will be offered for the registered users of Medpluslab.com and reports are available both physically as well as online, Gangadi said.

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