E-pharmacy startup Medlife acquires medicine delivery startup Myra Medicines.
Medlife is planning to leverage Myra Medicine’s business to strengthen its service of delivery of medicines.
Myra Medicines is now delivering nearly 4,000 orders daily in Bengaluru.
Bengaluru-based medicine delivery startup Myra Medicines has been acquired by Bengaluru-headquartered E-pharmacy startup Medlife for an undisclosed amount. Medlife is planning to use Myra medicines business to support its pharmacy business and assist it in accruing profits. At the same time, Medlife will consolidate and strengthen the delivery of medicines and extend the reach to more Indian cities.
Medlife came into action in 2014 by Tushar Kumar and Prashant Singh. It initiated its journey as an inventory-led E-pharmacy and currently patronizes doctors in digitally managing and storing patient’s records. With time, it has enhanced its portfolio of offerings to online doctor consultations, wellness products, and laboratory services.
Tushar Kumar, Founder, and CEO of Medlife on acquisition said, “Acquisition of Myra Medicines will be a game changer in the delivery of quality services for access to medicines. Having Myra on-board will further strengthen our standing as a dependable and reliable partner for people’s health. Our target for the next quarter is to achieve a 30-minute to the one-hour delivery window.”
Myra Medicines was founded in 2013 by Faizan Aziz and Anirudh Coontoor. It operates full-stack warehouses to deliver the medicines to its customers. The company has been delivering nearly 4,000 orders aloofly daily in Bengaluru. The company leverages its express delivery capacities to maintain lowest order level costs. The company claims that its on-demand model is built on the back of a best in class ordering and warehousing system that offers orders are picked packed and dispatched post compliance and legal in just 5 minutes.
It claims to use data science and technology to automate a highly operational business their prediction algorithm is able to ensure 95% order fulfillment with just 25 days of inventory holding and delivery costs of under 40 per order achieving near positive unit economics.
Prashant Singh, founder, and director, Medlife, said, “Myra’s algorithms and cutting edge technologies offer great customer experience and efficiency of operations will now be integrated with Medlife. This will quadruple companies capabilities and ensure operational profitability. Myra has a passionate and brilliant team. This coupled with Medlife’s experience of scale, is bound to be a win-win proposition for both.”
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