Medlife
 | |
| Company type | Private |
|---|---|
| Industry | |
| Founded | 2014[1] |
| Founders |
|
| Defunct | 2021 |
| Fate | Merged with PharmEasy |
| Successor | PharmEasy |
| Headquarters | , India |
Area served | India |
| Services | |
| Revenue |  ₹363.4 crore (US$44 million) (FY 2019) |
Number of employees | 5000 |
| Parent | PharmEasy (100%) |
| Subsidiaries |
|
| Website | www |
Medlife was an Indian online platform, which provided pharmacy, diagnostics, and e-consultation in India. It was founded in 2014 by Prashant Singh and Tushar Kumar. The company had a central laboratory based in Bangalore and operated in 29 states.[2][3][4][5][6] In 2021, PharmEasy acquired Medlife, and merged Medlife's operations into its own platform.
History
[edit]The company started out as an online platform for medicine delivery and later expanded to offer online doctor consultation and diagnostic services.[7] Medlife offered one consumer-facing mobile app for accessing all three services.[8]
Founding team Saurabh Mittal (CTO), Saurabh Agarwal (CFO) and Raghunandan Sreenivasan (COO) led the company to over $150M ARR within four years of incorporation.
In November 2018, Medlife acquired healthcare start-up EClinic to expand Medlife's e-consultation services and enhance online doctor access.[9][10]
Medlife’s diagnostic services were still in their early stages, primarily offering lab tests and limited home sample collection. In January 2019,[11] Medlife strategically acquired MedLabz,[12] a three-year-old digital healthcare startup providing diagnostic and AI-driven health services, operating in 120[11] cities.[13] MedLabz was founded by IIT Bombay and IIT Delhi alumni, including Harshal Jain, Kumar Akarsh, Piyush Singh, Srikanth Kumar Manne, Nimish Mehta, and Siddharth Bidwan (Founding CEO).
In May 2019,[14] Medlife acquired MyraMed, a medicine-delivery startup to boost its medicine delivery service and expand its logistics network.[15][16][17]
In August 2019, Ananth Narayanan (former CEO of Myntra) joined Medlife as the Co-Founder and Chief Executive Officer.[2][18]
According to a Frost and Sullivan report Medlife owns 30 per cent of the e-Pharma market share in India.[19][20]
In May 2020, Medlife became multilingual, offering Hindi language.[21]
In May 2021, Medlife was acquired reportedly for $250 million by PharmEasy, as a result of which Medlife's operations were discontinued and users were migrated to PharmEasy. The merger made PharmEasy the largest e-pharmacy company in India with 2 million customers.[22][23]
Funding
[edit]Medlife received roughly $30 million from Alkem Laboratories' Family Office. Kumar and Singh also claim to have put $20 million of personal funds into the business.[9]
In April 2019, Medlife received $17 million in funding from Kumar's family trust.[7]
In December 2019, Medlife raised $15.5 million from Wilson Global Opportunities Fund in debt funding.[24]
References
[edit]- ^ "Medlife International Private Limited Information - Medlife International Private Limited Company Profile, Medlife International Private Limited News on The Economic Times". The Economic Times. Retrieved 2020-04-09.
- ^ a b "Ex-Myntra chief executive Ananth Narayanan joins Medlife". www.businesstoday.in.
- ^ "Medlife acquires Bengaluru-based Myra Medicines". @businessline.
- ^ "Medlife launches #GoodHealthIsFreedom campaign ahead of Independence Day - ET BrandEquity". ETBrandEquity.com.
- ^ "Medlife acquires Mumbai-based MedLabz". @businessline.
- ^ Malik, Yuvraj (June 13, 2019). "SoftBank in talks to invest $70 million in Indian e-pharmacy Medlife" – via Business Standard.
- ^ a b "Online healthcare startup Medlife gets $17 mn in fresh funding". Techcircle. April 12, 2019.
- ^ "Online healthcare startup Medlife readies $30 mn booster shot". VCCircle. August 28, 2017.
- ^ a b "Medlife acquires healthcare start-up EClinic, plans $100 million expansion". @businessline.
- ^ inventiva (2018-11-22). "Medlife Acquires HealthTech Startup EClinic24/7; To Invest $100 Mn for E-Pharma Expansion". Inventiva. Retrieved 2020-04-09.
- ^ a b "Health-tech platform Medlife acquires MedLabz". VCCircle.
- ^ "Medlife International acquires healthcare start-up Medlabz". @businessline.
- ^ "Medlife acquires Mumbai-based Medlabz". COMMERCIAL-LAW BLOG. 28 March 2019.
- ^ Peermohamed, Alnoor (6 May 2019). "Medlife acquires Myra to take ePharma service to 22 cities". The Economic Times.
- ^ "Medlife Acquires Myra Medicines For Express Delivery And Data Science Capabilities". Forbes India. Retrieved 2020-04-09.
- ^ "Medlife acquires e-pharmacy Myra to expand delivery services". VCCircle. May 6, 2019.
- ^ "Medlife buys Bengaluru-based medicine delivery startup Myra Medicines". www.pharmabiz.com.
- ^ "Medlife hopes to achieve 100% growth by the end of this financial year, will take its diagnostics offering to 50 cities within the next 24 months". Business Insider.
- ^ "We will be the largest e-Diagnostic player by March 2019: Prashant Singh, MedLife - Exchange4media". Indian Advertising Media & Marketing News – exchange4media.
- ^ Bureau, BW Online. "Medlife Clocks Run Rate of 1000 Cr in FY 2019 Amidst Steady Growth". BW Disrupt.
{{cite web}}:|last=has generic name (help) - ^ Awasthi, Prashasti. "E-healthcare platform Medlife goes multilingual to deepen its reach". @businessline. Retrieved 2021-03-23.
- ^ Ahmad, Samreen (25 May 2021). "PharmEasy acquires Medlife, becomes India's largest e-pharma company". www.business-standard.com. Retrieved 4 January 2023.
- ^ The Economic Times. "Pharmeasy buys Medlife, creates India's largest online pharmacy".
- ^ "Medlife Raises $15.5 Mn From Wilson Global Opportunities Fund For Growth". Inc42 Media. 2019-12-18. Retrieved 2021-03-23.