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Hyderabad March 21 iLabs, which manages about $300 million of capital, has announced investment of Rs 23 crore in the Hyderabad-based MedPlus Health Services, a pharmaceutical product distribution company, which exclusively serves MedPlus branded pharmacies.

The distribution company, through its partner Optival Health Solutions, would use the funds to support the expansion plan that included increasing the network of the pharmacies (formerly known Aushadi outlets) to 400 from 100 in the next two months.

100 outlets

Currently, the company runs 70 outlets in Hyderabad and 30 in Bangalore.

Addressing a press conference here on Wednesday, Dr Madhukar Gangadi, Chief Executive Officer of MedPlus, said the company would open outlets in Chennai and, probably in Pune.

Mr Rajesh Raju, Director of iLabs, said there could be another round of funding.

More Stories on : Venture Capital | Pharmaceuticals | Andhra Pradesh

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