Introduction
Simplifying the healthcare process in India, PharmEasy successfully made use of technology and data in delivering the best quality medications and other healthcare equipment around India.
Currently, the company delivers medicines across 98% Indian pin codes. Like Amazon and Flipkart, PharmEasy is an e-commerce website making it easier for us to order our medicines within the comfort of our home.
Data and technology are advancing leaps and bounds in today’s world. Technology has made it easier to order food, groceries, mobiles, and other goods online. Every field is making the utmost of this and venturing into the online world.
Now, with PharmEasy, medicines get delivered to our doorstep with a few clicks.
PharmEasy was founded in 2014 by Dharmil Sheth and Dr Dhaval Shah. Their main aim at the moment is complete digitization, and they are striving to become the best healthcare delivery enterprise in India.
What and how does PharmEasy work?
PharmEasy delivers your required medications and other healthcare equipment to your doorstep. All you need to do is upload a prescription on the PharmEasy mobile or web app, and then this prescription is sent to a nearby drugstore in your vicinity.
Your order is then accepted, packed while adhering to all precautions and guidelines. A delivery agent then collects your order and delivers it to you safely.
Revenue Model
The company earns its share of revenue mainly through its advertisements, and attractive discounts also add to its revenue.
They also earn through the commission received from customers for the medicines and healthcare products they sell through their platform. Delivery charges are another source adding to the company’s revenue.
Funding
PharmEasy has been funded around $1.50 billion to date. The company successfully raised $354 million in its pre-IPO funding round split into 2 rounds.
Acquisitions
PharmEasy has successfully acquired 3 major companies. Medlife, Thyrocare technologies and Aknamed.
MedLife
Medlife is also a virtual med supplier from Bangalore, India, which has facilities for home delivery. The company acquired Medlife on August 18, 2020. The majority stakes in Medlife valued at $250 million are acquired now by PharmEasy.
Thyrocare Technologies
Thyrocare is a known fully automated diagnostic laboratory, which claims to be the first of its kind in India. The company acquired Thyrocare on June 26, 2021. Pharmeasy acquires 66.1% stakes in Thyrocare. The deal size is at ₹4564 crores ($620 mn).
Aknamed
PharmEasy acquired Aknamed on September 14, 2021. Aknamed is a healthcare company that aims to modernize the supply of medicines in the industry in India. During the initial stages, PharmEasy invested ₹308 crores ($41.90 mn) for a majority of shares of Aknamed. In a few months, Aknamed will be fully acquired by Phrmeasy for a size estimated to be around ₹1000 crores ($136.04 mn).
The company has many competitors such as MediBuddy, HelloHeart, Apollo Pharmacy etc. Despite such competition, the company has managed to stand out and be true to its tagline, which is adapted from the famous song ‘Urvasi’; ‘Take it Easy:PharmEasy’
Conclusion
A Vision to make the most of your knowledge and technology, the founders of PharmEasy have proved that anything is possible if you set your mind to it. PharmEasy has revolutionized the Indian healthcare system for the better.
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