Reports have it, online medicine delivery app, Medlife is looking at raising $50 million from several investors. According to sources, the discussions have advanced and the deal can be closed anytime in coming months. The development comes when the numbers for online medicines and groceries are skyrocketing already. The investors have all the right reasons to trust and invest in those fields.
The demand for medicines online has increased by 200% is last one and a half months. Medlife confirmed the reports and told that they are in talks with investors. Some reports also stated that the company has received acquisition offer from a private hospital. This was completely denied by the company saying that they will only be functioning independently.
This news came right after Reliance’s investment speculations in Netmeds, another online medicine delivery platform. The companies are facing issues to fulfill the increased demand because of disruptions in supply chain.
Medlife was co-founded by Tushar Kumar and Prashant Singh in 2014 and they were later joined by Ananth Narayanan, Former CEO of Myntra-Jabong. With medicines, the startup provides the facility of consultation and diagnosis tests as well making it more convenient. The company operates pan-India with services in 4000 cities.