PlatinumRx, an online pharmacy platform, raised $6 million in a funding round led by Stellaris Venture Partners, with participation from existing investor India Quotient.
Prior to this, the Bengaluru-based company raised $800,000 in a fundraising round.
Key Highlights
- PlatinumRx raised $6 million in Series A funding led by Stellaris, with India Quotient also participating.
- Funds will enable expansion of fulfillment centers, bolster technology teams, and scale affordable medicine delivery.
PlatinumRx stated in a press release that the proceeds will be used to scale operations, open new fulfillment centers, and expand the product and technology teams.
Ashutosh Pandey and Piyush Kumar co-founded PlatinumRx in 2023, which is an online pharmacy and teleconsultation platform. It provides healthcare services by offering medicine substitutes with the same salt, strength, and effectiveness as top-brand medications, with the goal of making high-quality pharmaceuticals more affordable and accessible.
PlatinumRx uses a four-layer quality check and has flexible return policies for its products, which include chronic medications, vitamins, and supplements. Customers can use the platform to find cheaper substitute brands for their medications.
The company sources medicines directly from large pharmaceutical companies and claims to save patients 50-60% on their purchases. It currently has two fulfilment centres in Bengaluru and Delhi, with plans to add five more over the next 12-18 months.
Also Read: Offgrid Energy Labs Bags $15 Mn Funding from Archean Chemical Industries
"So the idea was to figure out where people could buy the same medicine from a different brand, and our job is to ensure the medicine's quality," said Ashutosh Pandey, PlatinumRx's cofounder.
Since its inception, PlatinumRx claims to have served over two lakh patients, delivering medications to 20,000 zip codes. It currently provides one-day delivery in metros and 3-5-day delivery in non-metro cities, with plans to expand fulfillment centers to reduce delivery time.
It may compete directly or indirectly with other major players in this space, including Tata 1mg, PharmEasy, Netmeds, and Apollo.
