The latest startup news for the week starts
with the online medication delivery startup, “Medlife” remains in talks with
multiple financiers to elevate as much as $50 million, according to 2
individuals accustomed to the issue. The discussions are in advanced phases and
also the round is expected to close in the next 4-6 weeks, including the people
stated over.
This
comes with a time when on the internet medicine orders have seen an over 200%
increase widespread over the last 30-40 days owing to the nationwide lockdown.
"Capitalists are trusting e-commerce within the grocery and also medicine
and are aiming to invest," claimed one of the persons mentioned above,
requesting anonymity. According to latest startup news, "Medlife was in meetings with a number of prospective
investors also as will definitely shut the round within the few months ahead."
Medlife
confirmed the growth as they remain in "conversations with multiple
companies simultaneously” as per tech startup news.
Resources
likewise stated that Medlife had obtained acquisition deals, including one from
a personal healthcare facility chain. A Medlife executive however, stated -
"We will still run individually also will raise money over next few
months," Medlife's funding discussions likewise come just a couple of days
after a report came in regarding Reliance Industries remaining in talks to
purchase Netmeds-- another medicine delivery startup that has initially been in
talks with e-commerce significant Flipkart.
On
the internet, medication distribution companies have observed increasing needs
over the last several weeks, yet have had problems meeting all the orders
because of infrastructural and supply chain problems as mentioned in the latest startup news.
The
“Medlife” startup was founded by Tushar Kumar and Prashant Singh in 2014 . Nevertheless,
in August, previous Myntra-Jabong CEO Ananth Narayanan signed up with the
company as a co-founder as well as president. Apart from medicine delivery,
Medlife offers online consultation services analysis examinations as well.
Their solutions are offered in over 4,000 cities across 29 states, per their
web site.
Medlife
competes with the likes of Netmeds, 1MG, Medplus, and also Pharmeasy, which
shut a $220 million round led by Temasek in November valuing the business at
around $700 million.
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