PlatinumRx Nets $6 Mn To Add More Dark Stores & Scale Up Ops

SUMMARY

Founded in 2023, PlatinumRx is an online pharmacy that helps consumers find the exact substitute medicine with the same composition

The company is targetting over a million customers in the next 12 months through five new fulfillment centres and by strengthening its sourcing efficiencies

In recent months, epharmacies have grabbed the limelight thanks to quick commerce platforms adding 10-minute medicine delivery to their repertoire

Online pharmacy PlatinumRx, which positions itself as a substitute medicine delivery platform, has raised $6 Mn (nearly INR 53 Cr) as part of its Series A round led by Stellaris Venture Partners. The round also saw participation from existing investor India Quotient.

The epharmacy plans to utilise the fresh capital to scale up its operations, add more fulfillment centres and enhance its supply chain. In a statement, the startup also said that a chunk of the capital will also be deployed to build “strong teams” across product and tech, and strengthen brand presence.

The company is targetting over a million customers in the next 12 months through five new fulfillment centres and by strengthening its sourcing efficiencies to deliver affordable substitute medicines, according to PlatinumRx cofounder Piyush Kumar.

Founded in 2023 by Kumar and Ashutosh Pandey, PlatinumRx is an online pharmacy that helps consumers find the exact substitute medicine with the same composition. The startup is banking on the growing adoption of affordable substitutes among chronic patients, and is in some ways similar to generic medicine platforms.

The company claims to source directly from large pharma companies and delivers to more than 20,000 pin codes. It claims to have served more than 2 Lakh customers to date.

In recent months, epharmacies have grabbed the limelight thanks to quick commerce platforms adding 10-minute medicine delivery to their repertoire. Despite Zepto, Blinkit and Instamart entering this space, dedicated players such as Tata 1mg, Netmeds, PharmEasy do hold an edge thanks to their deep expertise and tie-ups with healthcare providers.

Similar to PlatinumRx, generic medicines platform Truemeds closed its $85 Mn Series C round from Accel, Peak XV Partners, WestBridge Capital and Info Edge Ventures.