Online pharmacy Medlife announced the acquisition of Bengaluru-based medicine delivery startup Myra Medicines, on Monday. This acquisition will enable Medlife to strengthen its pharma business and accrued profits.
Tushar Kumar, Founder and CEO of Medlife, said,
"Our acquisition of Myra Medicines will be a game changer in the delivery of quality services for access to medicines. Having Myra on-board will further strengthen our standing as a dependable and reliable partner for people’s health. Our target for the next quarter is to achieve a 30-minute to one-hour delivery window.”
This acquisition comes right after Medlife raised Rs 118.95 crore (approximately $17 million) in equity funding. According to media reports, Tushar's family trust Prasid Uno Family Trust led the round.
Earlier in January this year, Medlife announced that it acquired Mumbai-based Medlabz, a digital healthcare platform and a 'diagnostics at home' services company.
Founded by Tushar and Prashant Singh in 2014, Medlife aims to solve inadequacies of the healthcare delivery system through technology. The startup currently serves over 20,000 deliveries daily across 25,000 pin codes in India.
According to the press release, Medlife crossed Rs 1,000 crore plus run rate as of March 2019. The company expects to achieve overall sales of Rs 1,500 crore with an exit run rate of Rs 2,000 crore over the next financial year.
Faizan Aziz and Anirudh Coontoor, Co-founders of Myra Medicines, said,
"Our cutting-edge technology enables delivery guys to reach the customers in the shortest possible time! This combined with Medlife’s strong presence around India will help in scaling up solutions further and make the entire cycle more efficient.”
Myra was previously handling about 4,000 deliveries in Bengaluru each day. Post the acquisition, its services will be scaled across 22 cities this quarter.
"This (acquisition) will quadruple our capabilities and ensure operational profitability. Myra has a passionate and brilliant team. This, coupled with Medlife’s experience of scale, is bound to be a win-win proposition for both.”
At present, Medlife's lab services are available in Bengaluru, Mumbai, Delhi-NCR, Kolkata, Jaipur, Pune, Kanpur, Lucknow, and Hyderabad. Moving forward, it will be extending to other locations as well.