Prior to this, the Bengaluru-based company had raised $800K in a funding round.

The proceeds will be utilized to scale operations, add new fulfillment centres and expand the product and tech teams, PlatinumRx said in a press release.

Co-founded in 2023 by Ashutosh Pandey and Piyush Kumar, PlatinumRx operates as an online pharmacy and tele-consultation platform. It provides healthcare services by offering medicine substitutes with identical salt, strength, and effectiveness as top-branded medicines, aiming to make quality pharmaceuticals more accessible and affordable.

PlatinumRx offers a 4-layer quality check and provides flexible return policies for its products, which include chronic medications, vitamins, and supplements. The platform helps customers find substitute brands for affordable medicines.

The company sources the medicines from large pharmaceutical companies directly and claims to help patients save 50-60% on their purchases. It has two fulfilment centres in Bengaluru and Delhi and plans to add five more in the next 12-18 months.

“So, the idea was to figure out where people can buy the same medicine from a different brand, and our job is to ensure the quality of the medicine is maintained,” said Ashutosh Pandey, cofounder of PlatinumRx.

Since its launch, PlatinumRx claims to have served over two lakh patients, delivering medicines across 20,000 pin codes. It currently offers one-day delivery in metros and 3-5-day delivery in non-metro cities, with plans to add more fulfilment centres to bring down the delivery time.

It may compete directly or indirectly with the other notable players in this space such as  Tata 1mg, PharmEasy, Netmeds, and Apollo.

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The retail chain has collaborated with India’s leading CDMOs (contract drug manufacturing organisations) such as Akums India, Gangadi Madhukar Reddy, MD-CEO, MedPlus Health Services, announced to a team of visiting journalists here on Wednesday.

This strategic initiative involves the production of acute and chronic medicines in factories complying with EU GMP, WHO GMP and GMP standards. The collaboration and the absence of marketing and distribution channel costs allowed MedPlus to offer deep discounts of up to 50-80 per cent with quality assurance to its customers, Reddy sought to point out.

Following its success in Telangana, MedPlus introduced Store Generics in Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra, West Bengal and Odisha in recent months. Over 26.2 lakh customers have saved more than Rs 139.7 crore from this model in the last six months across seven states in India by buying MedPlus Brands, as per a release. With its extensive retail pharmacy network across ten states in India, MedPlus caters to over one crore customers every month.

“As we introduce Store Generic model in India, offering deep discounts to our customers, we understand the foundation of a high-quality drug lies in the meticulous details of its production,” he said. “Our manufacturing partners – Akums Drugs & Pharmaceuticals, Windlas Biotech and others are renowned for their excellence in pharmaceutical manufacturing, aligning seamlessly with our vision to provide quality and genuine medicines to customers,” Reddy said, noting that Akums manufactures 70 per cent of the 700-odd medicines that are being dispensed by MedPlus.

Akums is well equipped with 15 manufacturing facilities to produce pharmaceutical formulations in almost all dosage forms and therapeutic segments to cater to medicinal requirements across the globe. Incidentally, Akums Drugs and Pharmaceuticals caters to the needs of leading pharma companies such as Abbott, Cipla, Dr Reddy’s and Torrent, a fact revealed during a visit to its oral dosage forms plant here, touted among Asia’s largest facilities.

In India, approximately 800 molecules suffice to cover around 90 per cent of our medicinal needs. All these medications fall under the category of generics and MedPlus possesses the capability to produce them through its manufacturing partners. Notably, the remaining 10 per cent are made up of patented drugs, which neither MedPlus nor any other entity can replicate.

MedPlus employs advanced technologies and thorough inspection processes to validate the authenticity of every medication in its inventory. It sees itself as the first organised pharmacy retailer in the country to introduce 20 pc discount on all branded medicines and continues to set newer benchmarks in the market.

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