WATCH: Online healthcare platform Medlife raises funding, plans to enter offline pharmacy business
Bengaluru-based online healthcare platform Medlife has raised Rs 118.95 crore ($17 million) in an equity funding round from Founder Tushar Kumar’s family trust, Prasid Uno Family Trust, according to media reports.
When YourStory reached out to Medlife, Tushar declined to comment on the investment.
According to its RoC filings reviewed by YourStory, Medlife has issued equity shares to the tune of Rs 114 crore in three tranches over the last two months to the Prasid Uno Family Trust, with the latest being Rs 23 crore, as of March 20.
Founded in 2014 by Tushar, and Prashant Singh, Medlife is a healthcare platform that aims to solve inadequacies of the healthcare delivery system through technology.
In a conversation with YourStory, Tushar had said that the company plans to adopt an omnichannel model. “We plans to set up 750 street pharmacies, and 250 hospital pharmacies across India. We are looking to acquire 140 street pharmacies and are already in talks with the same.”
In January this year, Medlife had acquired Mumbai- based Medlabz, a health-tech company, which through its predictive AI-based engine, provides high-quality health insights to patients and corporates using gathered clinical data from diagnostics, doctor and diet consultations.
With this acquisition, Medlife plans to consolidate its diagnostics business by integrating its technology platform with the logistic strength of both parties. Medlife has two labs in Bengaluru at present. Tushar had said that they plan to launch similar diagnostic labs in Mumbai, Kolkata, Delhi, Chennai, and Hyderabad.
Last year, the firm also acquired EClinic24/7’s technology at an undisclosed amount. This technology is affixed onto the Medlife platform and enables customers to get immediate medical assistance like general physician consultation and opt for video or voice call via the Medlife portal.
The company claims to have around 2,000 doctors using this tele-consultation platform and 80 in-house doctors. According to the founders, the company gets close to 20,000 tele-consultations per day.
At present, Medlife offers its services in 21 cities, including Ahmedabad, Bengaluru, Bhopal, Chennai, Delhi-NCR, Hyderabad, Jaipur, Kolkata, Mumbai, and Varanasi.