Summary:
PlatinumRx’s successful funding round signifies not only a milestone for the startup but also heralds a new era of affordability and convenience in medication procurement, promising transformative benefits for patients across the nation.
Bangalore-based online pharmacy startup, PlatinumRx, has marked a significant milestone in the healthcare sector by securing $800,000 in seed funding. Led by India Quotient and supported by angel investors, this funding catapults PlatinumRx into the forefront of innovation and accessibility in medication procurement.
PlatinumRx Raises $800,000 in Seed Funding to Revolutionize Online Pharmacy Landscape
The infusion of funds heralds a pivotal moment for PlatinumRx as it embarks on expanding its operations and strengthening its warehousing and distribution network. With a vision to redefine chronic patient care, PlatinumRx plans to utilize a portion of the raised capital to broaden its geographical presence across the country and diversify its product offerings.
Founded by Ashutosh Pandey and Piyush Kumar, PlatinumRx aims to revolutionize medication access for individuals with chronic conditions. Through its unique substitution engine, the startup empowers consumers to discover equivalent substitute medicines, ensuring potency, efficacy, and affordability. By curating a selection of best-value substitutes from renowned brands like Cipla, Abbott, and Alkem, PlatinumRx alleviates the financial burden associated with long-term medication needs.
Expressing enthusiasm for the partnership with India Quotient, Ashutosh Pandey and Piyush Kumar highlighted the firm’s alignment with their vision to democratize medication procurement for all Indians.
Gagan Goyal of India Quotient emphasized the pressing need for cost-effective solutions amidst rising chronic health conditions. He stressed the importance of scaling awareness to address a vast Total Addressable Market (TAM) and alleviate financial strain on individuals managing chronic illnesses.
Also read: Indian Startups Ride Funding Wave with Ambitious Plans
With the raised capital, PlatinumRx aims to extend its outreach to a wider demographic of patients seeking affordable yet high-quality medications. Presently, the startup covers over 20,000 pin codes, offering swift delivery services within two to three days and same-day delivery in Bengaluru. Additionally, PlatinumRx has partnered with several old age homes and rehabilitation centers in Bengaluru, demonstrating its commitment to reducing medical expenses for vulnerable populations.
Reports indicate a promising outlook for the online pharmacy market in India, with revenue projections reaching $453.30 million in 2024 and anticipated growth to approximately $649.50 million by 2028. This underscores the immense potential for innovation and accessibility in healthcare services.
PlatinumRx’s successful funding round signifies not only a milestone for the startup but also heralds a new era of affordability and convenience in medication procurement, promising transformative benefits for patients across the nation.
