Medlife, the online pharmacy has announced crossing the 1000 crore plus runrate as of March 2019.
The company expects to achieve overall sales of 1500 crores with an exit run rate of 2000 crores over the next financial year.
Its pharmacy segment showed a 3x growth from last year and the lab vertical contributed 40 to 45 crores towards the revenue.
While Tier 2 and 3 cities are the fastest growing segments for Medlife, metro cities contribute to 70% of the share. As per Frost and Sullivan, the e-pharmacy market is valued at 450 to 475 billion dollars and Medlife has a 30% market share presently. The market is growing rapidly and Medlife expects to have 50% share of the pie in the next 2 to 3 years.
“While pharmacy remains our topline contributing to 75% of the revenue, the lab segment is also showing steady growth. We also hope to double our run rate in the coming financial year and achieve a steady growth year-on-year.”
Medlife started with an initial investment of $15million, and later received funding of $30 million trough family investment and promoters. The founders are planning to raise investment of $65 million and will seek funding from the family to be used as growth capital.
Currently, they service over 20,000 deliveries daily across 29 states in over 4,000 cities and 25,000 pin codes in India. Medlife’s customer-centric approach ensures that people get the best value for their moneyand save considerable time on every purchase through a two-hour delivery option.