Bengaluru based online pharmacy startup Medlife raised $17 Million in an equity funding round from founder Tushar Kumar’s family trust, Prasid Uno Family Trust. According to the Ministry of Corporate Affairs filings of Medlife International Pvt Ltd, in a period of two months, the firm has issued equity shares in three tranches. In February month the firm has issued 850 equity shares at a price of INR 14,440 including INR 100 face value per share amounting to INR 19.99 Crore. In March it also issued 16,620 equity shares at a price of INR 14,440 including INR 100 face value per share amounting to INR 23.99 Crore and 51,939 equity shares at a price of INR 14,440 including INR 100 face value per share amounting to INR 74.99 Crore.
Medlife came into action in 2014 by Prashant Singh and Tushar Kumar. It initially came as an inventory-led epharmacy and assisted doctors in digitally managing patients records. Further firm diversified its a portfolio of services to wellness products, doctor consultations, and laboratory services. The company commenced its operations with an initial fund of $15 Million and it further also receives funds of $30Mn from family capital and promoters. Recently Medlife is a largely self-funded company and has raised funds through Kumar’s family trust. Kumar operates a family run Alkem Laboratories. Kumar and Singh also operate Tulip Lab Pvt. Ltd, a manufacturer of herbal and allopathic medicine products.
