Online pharmacy Medlife is on a massive expansion spree. In fact this Bengaluru based startup is planning to scale up its diagnostic services business, in fact increase its revenue almost five fold by next year. They are also going omni-channel and expanding their presence offline.
Farah Bookwala Vhora gives an insight into their ambitious growth plans and also explains how their campaign ‘Lafaddu Lal’ gave them a shot in the arm.
In four years Medlife has captured nearly a third of the Indian online pharmacy industry worth Rs 2,500 crore but over the next 18 months it wants to own half the market and that is why it cannot afford to be a ‘Lafaddu’ and has instead charted an ambitious growth strategy.
The Bengaluru based startup was founded by Tushar Kumar and Prashant Singh in 2014 with an initial investment of USD 15 million and later received a funding of USD 30 million from his family run trust as well as promoters.
Kumar is a part of the family that run Alkem Laboratories which develops, manufactures and markets pharmaceutical formulations and nutraceuticals in India.