PlatinumRx Secures $800K in Seed Funding to Revolutionize India’s Online Pharmacy Market

• ByStartupStory     |    April 9, 2024

online pharmacy startup PlatinumRx has secured $800,000 in seed funding from India Quotient and a cohort of distinguished angel investors. The investment underscores a growing recognition of the pivotal role that online pharmacies play in ensuring affordable and accessible healthcare solutions, particularly amidst the backdrop of rising chronic illnesses and escalating medical expenses.

Gagan Goyal, representing India Quotient, emphasized the pressing need for cost-effective healthcare solutions, especially in light of the surging prevalence of chronic ailments such as diabetes and hypertension. He highlighted the significance of scaling awareness to unlock the vast potential of the market and underscored the pivotal role PlatinumRx aims to play in democratizing medicine procurement for Indian consumers.

PlatinumRx has distinguished itself by its commitment to efficiency and accessibility, boasting delivery services covering over 20,000 pin codes with swift two to three-day delivery nationwide and same-day delivery in Bengaluru. Moreover, the startup has forged strategic partnerships with various old age homes and rehabilitation centers in Bengaluru, substantially alleviating the financial burden of medical expenses for patients.

The co-founders of PlatinumRx, Ashutosh Pandey and Piyush Kumar, expressed their enthusiasm for the partnership with India Quotient, citing their deep understanding of the business landscape and shared vision of enhancing healthcare accessibility for all Indians. They reiterated PlatinumRx’s dedication to leveraging India’s prowess in generic drug production and export to drive domestic adoption through heightened awareness and accessibility.

The online pharmacy market in India is poised for exponential growth, with projected revenues expected to reach $453.30 million by 2024 and surge to approximately $649.50 million by 2028. Against the backdrop of this burgeoning market, PlatinumRx aims to carve a niche for itself amidst established players such as Tata 1mg, PharmEasy, and NetMeds, as well as horizontal marketplaces like Amazon Pharmacy and Flipkart Health.

The Economic Survey 2022-23 forecasted a robust trajectory for India’s domestic pharmaceutical market, anticipated to soar to $65 billion by 2024 and further escalate to $130 billion by 2030, underscoring the immense growth potential and opportunities within the sector.

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