On Monday, pharmacy startup PlatinumRx announced that it has successfully raised $800,000 in its seed funding round. The investment came from India Quotient, a prominent venture capital firm, and contributions from various well-known angel investors.
PlatinumRx intends to use this funding to strengthen its warehousing and distribution infrastructure, thereby enhancing its operational capabilities across the country. Additionally, the company aims to expand its product offerings to better cater to its customers’ needs.
Commenting on the funding, Gagan Goyal, representing India Quotient, highlighted the significance of affordable healthcare solutions, particularly in addressing prevalent chronic conditions such as diabetes and hypertension. He emphasized the importance of raising awareness to tap into a vast Total Addressable Market (TAM) for such services.
Online Pharmacy Startup PlatinumRx Makes Healthcare Affordable
The pharmacy startup PlatinumRx delivers medications to more than 20,000 areas across India in just two to three days. In Bengaluru, they even offer same-day delivery. They’ve also teamed up with several old age homes and rehabilitation centres in Bengaluru to help reduce patient medical costs.
India is recognized as the pharmacy hub of the world, producing and exporting a large portion of generic drugs globally. However, despite this, only about 20% of people in India use generic medicines due to limited awareness and access. “We’re excited to join hands with IndiaQuotient, who truly understand our mission of making buying medicine easier and more affordable for everyone in India,” said Ashutosh Pandey and Piyush Kumar, Co-founders of PlatinumRx.
Growing Online Pharmacy Market in India
The online pharmacy market in India is expected to reach a revenue of around $453.30 million by 2024. This growth is projected to continue at about 9.41% annually, reaching approximately $649.50 million by 2028. Some of the key players in this market include Tata 1mg, PharmEasy, NetMeds, and Truemeds, among others. Big e-commerce platforms like Amazon and Flipkart have also entered the healthcare space with their pharmacy services.
According to the Economic Survey of 2022-23, India’s domestic pharmaceutical market is set to expand significantly. It is estimated to grow to $65 billion by 2024 from around $41 billion in 2021. Furthermore, the market is expected to double to $130 billion by 2030, indicating substantial growth opportunities in the pharmaceutical sector in India.
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