With the help of current investor India Quotient, online pharmacy platform PlatinumRx has raised $6 million in a funding round led by Stellaris Venture Partners.
This comes after a funding round in which the Bengaluru-based company raised $800K.
According to PlatinumRx’s press release, the money raised will be used to grow the company’s operations, add new fulfillment centers, and bolster its tech and product teams.
Ashutosh Pandey and Piyush Kumar co-founded PlatinumRx in 2023, and it functions as a teleconsultation platform and online pharmacy. In an effort to increase the accessibility and affordability of high-quality pharmaceuticals, it offers healthcare services by providing medication alternatives that are the same in terms of salt, strength, and efficacy as well-known brands.
For its chronic medication, vitamin, and supplement products, PlatinumRx offers a four-layer quality check and flexible return policies. The website assists users in locating cheaper medication brands.
Patients can save 50–60% on their purchases, according to the company, which sources the medications directly from major pharmaceutical companies. It currently operates two fulfillment centers in Delhi and Bengaluru, and in the upcoming 12 to 18 months, it intends to open five more.
“So, the idea was to figure out where people can buy the same medicine from a different brand, and our job is to ensure the quality of the medicine is maintained,” said Ashutosh Pandey, cofounder of PlatinumRx.
According to PlatinumRx, since its inception, it has provided medication to more than two lakh patients across 20,000 pin codes. Delivery times are currently one day in metro areas and three to five days in non-metropolitan areas; additional fulfillment centers will be added to shorten delivery times.
The other prominent companies in this market, including Tata 1mg, PharmEasy, Netmeds, and Apollo, could be direct or indirect competitors.
