[Funding alert] Medlife raises Rs 110 Cr from Wilson Global Opportunities Fund in debt funding
Online pharmacy company Medlife has raised Rs 110 crore from Wilson Global Opportunities Fund, according to filings with the Registrar of Companies (RoC) accessed by YourStory.
According to the explanatory statement, the Bengaluru-based startup will be using the freshly raised funds for its working capital requirements, marketing its business activities, technological development, employee costs, and to support the future growth of Medlife International.
Prashant Singh and Tushar Kumar, Founders of Medlife
According to the RoC filings, Wilson Global Opportunities will be issued 1,10,000 non-convertible secured debentures.
Medlife was founded in 2014 by Tushar Kumar and Prashant Singh. The healthcare platform aims to solve inadequacies in the healthcare delivery system through technology. The startup currently serves over 20,000 deliveries across 25,000 pincodes in India.
In an earlier conversation with YourStory, Tushar had said the company plans to adopt an omnichannel model.
“We plan 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," he had said.
In April this year, Medlife had raised Rs 118.95 crore (almost $17 million) in equity funding from Tushar's family trust, Prasid Uno Family Trust.
In May this year, Medlife had acquired medicine delivery startup Myra Medicines. Earlier in January, it acquired Mumbai-based Medlabz, a digital healthcare and a 'diagnostics at home' services company.
As of March 2019, Medlife had crossed a Rs 1,000 crore-plus run rate. 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.
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.
Medlife's Central Lab is spread over 5,000 sqft and is reported to be a fully automated path lab, expected to provide services like digital x-ray, 3D ultrasound, 2D echo, and cardiac tests like ECG and TMT, with a capability of processing nearly 10,000 tests in a single shift.
(Edited by Athirupa Geetha Manichandar)