Medlife Acquires Myra Medicines To Strengthen Epharma Biz

Bengaluru, 6 May 2019: Bengaluru-headquartered epharmacy startup Medlife has acquired Bengaluru-based medicine delivery startup Myra Medicines for an undisclosed amount.

The acquisition will support Medlife’s pharmacy business and help it accrue profits. At the same time, Medlife will consolidate and strengthen the delivery of medicines and extend the reach to more Indian cities.

Founded in November 2014 by Tushar Kumar and Prashant Singh, Medlife began as an inventory-led epharmacy and helps doctors digitally manage and store patient records. With time, it has diversified to online doctor consultations, wellness products and laboratory services.

Founded in 2013 by Faizan Aziz and Anirudh Coontoor, Myra Medicines operates full-stack warehouses to deliver the medicines to its customers. The company has been delivering nearly 4K orders daily in Bengaluru alone.

The company leverages its express delivery abilities to maintain lowest order level costs. The company claims that its on-demand model is built on the back of a best in class ordering and warehousing system that ensures orders are picked, packed and dispatched post compliance and legal in just 5 minutes.

It claims to leverage data science and technology to automate a highly operational business their prediction algorithm is able to ensure 95% order fulfilment with just 25 days of inventory holding and delivery costs of under 40 per order achieving near positive unit economics.

Prashant Singh, founder and director, Medlife, said, “Myra’s cutting-edge technology and algorithms offering great customer experience and efficiency of operations will now be integrated with Medlife. This will quadruple our capabilities and ensure operational profitability. Myra has a passionate and brilliant team. This coupled with Medlife’s experience of scale, is bound to be a win-win proposition for both.”

Medlife raised $17 Mn in an equity round to further grow the business. The company claims to have crossed the INR 1000 cr plus run rate as of March 2019. It further expects to achieve overall sales of INR 1500 Cr with an exit run rate of INR 2000 Cr over the next financial year. The company believes that Medlife’s physical network of over 50K SKUs and multiple city presence will allow Myra to offer express delivery service across the network.

It also expects Medlife’s full-stack inventory to enable Myra Medicines to increase margins and meet the increasing demand making the latter profitable by this quarter itself.

It also expects Medlife’s full-stack inventory to enable Myra Medicines to increase margins and meet the increasing demand making the latter profitable by this quarter itself. Inc42