Online pharmacy PharmEasy has announced the acquisition of its smaller rival Medlife.
Midlife was founded in 2014 by Prashant Singh and Tushar Kumar. The company has a central laboratory based in Bengaluru and delivers daily to 29+ states.
“Medlife has catered to the country’s healthcare needs covering 465+ cities. This merger is sure to complement PharmEasy’s ever growing efforts in India’s healthcare space,” PharmEasy said in a blog post.
“We are also looking forward to onboarding Medlife’s retail partners and continuing our journey with them with utmost sincerity. We assure that users’ and retailers’ experience won’t be compromised in any way, and will only get better going forward,” the company added.
Founded by Dhaval Shah and Dharmil Sheth in 2015, PharmEasy works with round 80,000 pharmacies at present and intends to increase that to 1,20,000 shops throughout 100 cities by end-2021.
Back in April, the startup entered India’s unicorn club after API Holdings, its owner, raised USD323 million as part of a Series E round from Prosus Ventures (formerly Naspers Ventures) and TPG Growth. Existing investors Temasek, CDPQ, LGT Lightrock, Eight Roads and Think Investments also participated in the round, which consisted of both primary and secondary investments.
PharmEasy was valued at USD1.5 billion for the funding round.