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PharmEasy and Medlife are merging to create a 1bn entity

Deepanker Verma August 19, 2020 Business

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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.

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About the Author: Deepanker Verma

Deepanker Verma is the Founder and Editor-in-Chief of TechloMedia. He holds Engineering degree in Computer Science and has over 15 years of experience in the technology sector. Deepanker bridges the gap between complex engineering and consumer electronics. He is also a a known Security Researcher acknowledged by global giants including Apple, Microsoft, and eBay. He uses his technical background to rigorously test gadgets, focusing on performance, security, and long-term value.