Medlife
Indian online medical provider
From Wikipedia, the free encyclopedia
Medlife was an Indian online platform, which provided pharmacy, diagnostics, and e-consultation in India. It was founded in 2014 by Prashant Singh and Tushar Kumar. The company had a central laboratory based in Bangalore and operated in 29 states.[2][3][4][5][6] In 2021, PharmEasy acquired Medlife, and merged Medlife's operations into its own platform.
| |
| Company type | Private |
|---|---|
| Industry | |
| Founded | 2014[1] |
| Founders |
|
| Defunct | 2021 |
| Fate | Merged with PharmEasy |
| Successor | PharmEasy |
| Headquarters | , India |
Area served | India |
| Services | |
| Revenue |  ₹363.4 crore (US$43 million) (FY 2019) |
Number of employees | 5000 |
| Parent | PharmEasy (100%) |
| Subsidiaries |
|
| Website | www |
History
The company started out as an online platform for medicine delivery and later expanded to offer online doctor consultation and diagnostic services.[7] Medlife offered one consumer-facing mobile app for accessing all three services.[8]
Founding team Saurabh Mittal (CTO), Saurabh Agarwal (CFO) and Raghunandan Sreenivasan (COO) led the company to over $150M ARR within four years of incorporation.
In November 2018, Medlife acquired healthcare start-up EClinic to expand Medlife's e-consultation services and enhance online doctor access.[9][10]
Medlife’s diagnostic services were still in their early stages, primarily offering lab tests and limited home sample collection. In January 2019,[11] Medlife strategically acquired MedLabz,[12] a three-year-old digital healthcare startup providing diagnostic and AI-driven health services, operating in 120[11] cities.[13] MedLabz was founded by IIT Bombay and IIT Delhi alumni, including Harshal Jain, Kumar Akarsh, Piyush Singh, Srikanth Kumar Manne, Nimish Mehta, and Siddharth Bidwan (Founding CEO).
In May 2019,[14] Medlife acquired MyraMed, a medicine-delivery startup to boost its medicine delivery service and expand its logistics network.[15][16][17]
In August 2019, Ananth Narayanan (former CEO of Myntra) joined Medlife as the Co-Founder and Chief Executive Officer.[2][18]
According to a Frost and Sullivan report Medlife owns 30 per cent of the e-Pharma market share in India.[19][20]
In May 2020, Medlife became multilingual, offering Hindi language.[21]
In May 2021, Medlife was acquired reportedly for $250 million by PharmEasy, as a result of which Medlife's operations were discontinued and users were migrated to PharmEasy. The merger made PharmEasy the largest e-pharmacy company in India with 2 million customers.[22][23]
Funding
Medlife received roughly $30 million from Alkem Laboratories' Family Office. Kumar and Singh also claim to have put $20 million of personal funds into the business.[9]
In April 2019, Medlife received $17 million in funding from Kumar's family trust.[7]
In December 2019, Medlife raised $15.5 million from Wilson Global Opportunities Fund in debt funding.[24]