E-pharmacy startup Medlife reports revenue growth of 2.7x in FY19
Online healthcare platformreported operating revenue of Rs 363.4 crore in the year ending March 2019, registering a growth of 2.7X from Rs 135.7 crore in FY18, regulatory filings with Registrar of Companies (RoC) stated.
The Bengaluru-based e-pharmacy startup generated over 80 percent of its revenue through the sale of goods. Further, it earned Rs 318.5 crore from the sale of medicines and related products in FY19. Medlife's revenue from the lab and online consultation services also grew 3.5X in FY19 from Rs 13 crore in the year-ago period.
Prashant Singh and Tushar Kumar, Founders of Medlife
However, the startup's loss widened to Rs 403.6 crore in FY19 as compared to Rs 164.2 crore loss in the year-ago period, the company reported.
The statement also showed an increase in the employee benefit expenses which stood at Rs 107.6 crore in FY19 compared to Rs 56 crore in FY18.
In 2019, the startup raised two rounds of investment in April and December, where it raised Rs 118.95 crore ($17 million) in an equity funding round from Founder Tushar Kumar’s family trust - Prasid Uno Family Trust, and Rs 110 crore from Wilson Global Opportunities Fund, respectively.
It also acquired Mumbai-based Medlabz in January, and Bengaluru-based medicine delivery startup Myra Medicines in May 2019.
Former Myntra CEO Ananth Narayanan also joined the startup as its Co-founder and Chief Executive Officer (CEO) in August.
Speaking about the growth, Ananth Narayanan said,
“We are excited about the hyper growth we have achieved last year and continue on the trajectory this year too. At the same time, we have made great progress on getting to operational break even in the last six months and target to get there in the next quarter."
Founded in 2014 by Tushar Kumar, and Prashant Singh, Medlife is a healthcare platform that aims to solve inadequacies of the healthcare delivery system through technology. The startup currently serves over 20,000 deliveries across 25,000 pin codes in India.
At present, Medlife's lab services are available in Bengaluru, Mumbai, Delhi-NCR, Kolkata, Jaipur, Pune, Kanpur, Lucknow, and Hyderabad.
(Edited by Suman Singh)