New Delhi-based Corner Store Technologies, which runs subscription-based online pharmacy platform LifCare, on Tuesday announced to have raised $11 Mn in a Series B round of funding from SAIF Partners, Nexus Ventures and Infrastructure Leasing & Financial Services Limited (IL&FS).\r\n\r\nLifCare was founded in 2015 by Krishna Killa and Rohit Mohta and targets patients with chronic illnesses.\r\n\r\nThe funds will be utilised to\u00a0expand LifCare\u2019s geographical presence and further invest in technology. Looking beyond medicine delivery, LifCare will also provide end-to-end services to help people suffering from chronic diseases manage their conditions better.\r\n\r\nLifcare\u00a0earlier raised a Seed funding round of undisclosed amount in March 2016. After that, it also raised $5 Mn as part of Series A funding round in October 2016.\r\n\r\n\r\n\r\n\r\n\r\nLifecare: Network Expansion\r\nLifcare uses intelligent technology and data science to automate medicine refills so patients never miss a dose.\r\n\r\nSandeep Singhal, MD and co-founder, Nexus Venture Partners, said, \u201cBy focusing on the patients\u2019 need to manage their disease, Lifcare is providing a unique value proposition in the medicine delivery market. The team has executed brilliantly over the last two years and we expect to see strong growth in the coming years.\u201d\r\n\r\nThe company is also able to cut down the cost to end patients by running a more efficient supply chain.\r\n\r\nApart from that, Lifcare\r\n\r\n \tserves around 300K families in North India who take medicine refills every 30-60 days\r\n \thandles medicines for diseases requiring ongoing medication like diabetes, cardiac conditions, hypertension, renal disorders, thyroid, etc.\r\n\r\nKrishna Killa, CEO & Co-founder of LifCare said, \u201cIn the last two years, we\u2019ve aimed to build a simpler and better pharmacy experience. With this funding round, we look to further expand our geographic footprint. We will also look to expand our suite of services to become a full-service disease management platform for chronic patients.\u201d\r\nOnline Pharmacies: Attracting Consumers, Govt, And Investors\r\nWith the growth of online pharmacies like Pharmeasy, Medlife, 1mg, Netmeds, among others, the sector has attracted significant attention on three fronts: consumers, investors as well as government.\r\n\r\nLast year, the government issued a draft of the Drugs (Sale and Distribution) Rules 2017, aiming at removing ambiguity on regulations to facilitate sales of drugs online.\r\n\r\nAccording to the draft rules, which came out in March this year, no one can operate an online pharmacy without registering with the Central Licensing Authority and the supply of drugs by an online pharmacy will be regulated.\r\n\r\nLater in April this year, country\u2019s apex drug regulator and central licensing authority also mooted for a draft on online pharmacies regulations.\r\n\r\nThis seems to have further increased consumers trust on the online pharmacy platforms.\r\n\r\nOn the investors front, the Inc42 DataLabs team observed that in FY 2017, Indian healthtech startups had raised about $346 Mn across 111 deals.\r\n\r\nAlso, the financial analysis of companies like Netmeds and Pharmeasy among others (1mg and Healthkart) revealed that Netmeds is currently leading the online pharmacies bandwagon in India owing to good revenues and better expense management.\r\n\r\nOther factors which are playing a prominent role in the growth of online pharmacies in India include:\r\n\r\n \trising standard of living for the middle class\r\n \tIncreasing internet and smartphone penetration\r\n \tPush for digital payments\r\n \tBusy lifestyle and nuclear families\r\n\r\nGoing ahead, the opportunity is certainly ripe and the market is far from saturation for now.\r\n\r\nOnline pharmacy platforms are expected to account for 5-15% of the total pharma sales in India, which would be largely achieved by enhancing adherence and access to the medicines for a large section of the underserved population.