India's largest online pharmacy, Medlife, plans to go public. The Bengaluru-based healthcare platform intends to launch its IPO in 2-3 years.
Medlife, which is funded by Alkem Labs' family trust clocked Rs 300 crore revenue in FY18.
It expects revenue to grow to Rs 830 crore in FY19. Medlife also plans to scale up its diagnostics business which presently accounts for 8% of revenue.
The aim is to take this up to 20% over the next 3 years. For this, Medlife will invest about Rs 50-60 crore to set up diagnostic labs.
10 labs will be set up this quarter and 40 labs will be set up in FY20. These labs will offer competitively-priced services to take on the likes of Thyrocare and SRL.
The company expects the diagnostics business to generate Rs 100 crore revenue in FY19 and Rs 500 crore in FY20.
Medlife is also looking to invest Rs 25-30 crore to set up 100-150 offline pharmacies.