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Healthcare aggregator PharmEasy plans to expand to four more States and enrol a total of 1 crore families on its platform in 2017.
“We have so far raised ₹120 crore from different sources for expansion into major States such as Maharashtra, Karnataka, West Bengal and Tamil Nadu,” Dhaval Shah, co-founder, PharmEasy, told BusinessLine on Monday.
“We are targeting to reach out to 2-2.5 per cent of India’s population at the earliest,” he said.
The app-based start-up, which connects patients with local licensed pharmacies, currently serves 20 lakh families across Mumbai, New Mumbai, Delhi-NCR, NOIDA, Bengaluru, Ahmedabad, Jaipur, Pune and Kolkata. From Ahmedabad, it is services clients all across Gujarat now, he said.
Shah said even if a patient has no prescription, a doctor from the PharmEasy team would contact him and provide a valid prescription. The firm has tied up with nearly 700 doctors across India.
Of competition, he said: “Earlier, there were around 50 pharmacy aggregators in India, of which only three remain after consolidation and closures.”
Revenue modelShah said PharmEasy normally gets 1-2 per cent commission, while the customers get a flat 20 per cent discount on the medicines they buy through the start-up, with a local retail pharmacy delivering it. It also offers a flat 40 per cent discount on all, and up to 75 per cent discount on some diagnostic tests.
The Mumbai-based company was founded in April 2015 to provide easy access to medication for customers who are unable to buy medicines physically.
The app-based service enables them to order a free home delivery with no minimum-value requirements.
It also offers a free sample collection, by authorised phlebotomists, for diagnostic tests.
The app has an in-built dosage reminder, and helps digitise medical records.
The company has so far partnered with over 100 offline retailers.
PharmEasy has also tied up with a number of diagnostic centres across Mumbai, Delhi and Kolkata.
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