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Pharmacy retailer MedPlus Health Solutions Pvt Ltd will expand its reach in Telangana and Andhra Pradesh through the franchise model.
“We will be reaching out to the interior parts of the twin States and set up 1,100 MedPlus franchise stores. This initiative will create a lot of rural and tier 2&3 town entrepreneurs and generate employment for more than 2,000 people across the two states,’’ Madhukar Gangadi, Founder and CEO, MedPlus said in a release issued here on Thursday.
It also collaborated with State Bank of India which will extend flexible loans to the franchisees. A typical MedPlus franchise store will be around 300-500 sqft and requires a total investment of around Rs 15-20 lakh.
SBI will extend up to 70 per cent of the total investment as loan with 50 per cent collateral. MedPlus has set up a dedicated team who will help the franchise owners through the process. As a mandate, each franchisee should either be a pharmacist or employ a pharmacist.
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