Online pharmacy startup PlatinumRx on Monday announced $800,000 funding in its seed round from India Quotient, along with participation from several prominent angel investors. The company said it will deploy the capital to augment its warehousing and distribution network, enhancing its presence across the country and increasing its product offerings.
Speaking on the funding, India Quotient’s Gagan Goyal said, “With rising diabetes and blood pressure-related ailments, coupled with soaring monthly medicine expenses, cost reduction for all chronic illnesses without compromising efficacy is crucial. We believe scaling correct awareness would reveal a vast Total Addressable Market (TAM) ready to be tapped.”
PlatinumRx said it delivers to over 20,000 pin codes within two to three days and provides same-day delivery in Bengaluru. The company has also partnered with multiple old age homes and rehab centres in Bengaluru to substantially decrease the medical expenses for the patients.
“India, known as the pharmacy of the world, leads in generic drug production and export. Despite this, domestic adoption of substitute medicines is less than 20% due to limited awareness and access. We’re thrilled to partner with IndiaQuotient, who deeply understand our business, offer invaluable insights, and share our goal of democratizing medicine buying for Indians,” said Ashutosh Pandey and Piyush Kumar, Co-founders, PlatinumRx.
The online pharmacy market in India is likely to reach a projected revenue of $453.30 million in 2024, growing at an annual rate of 9.41 per cent (CAGR 2024-2028) to around $649.50 million by 2028.
Currently, the key players in the market are Tata 1mg, PharmEasy, NetMeds, Truemeds, etc., apart from horizontal marketplaces viz., Amazon Pharmacy and Flipkart Health.
The Economic Survey 2022-23 last year had noted that India’s domestic pharmaceutical market is likely to grow to $65 billion by 2024 from an estimated $41 billion in 2021 and is further expected to reach $130 billion by 2030.