Online medicines store PharmEasy and rival company Medlife have decided to merge. They have sought approval of the Competition Commission of India (CCI) for this merger.
After the merger, Pharmeasy will acquire a 100% stake in Medlife and Medlife will get a 19.59% stake in the combined entity.
Pharmeasy was valued at around $700 million when it raised $220 million funding led by Singapore’s Temasek in November.
Medlife was founded in 2016 by Tushar Kumar and Prashant Singh. In 2019, ex-Myntra CEO Ananth Narayanan joined Medlife as the co-founder and CEO. The company claims to serve across 29 states and 20K postal codes. The company reported INR 364.67 Cr revenue in 2019.
The online pharmacy sector has seen growth after the lockdown. People are now ordering most of the things online including medicines. That’s the reason Amazon India also recently launched ‘Amazon Pharmacy’ in Bengaluru.
