As per the Corporate Affairs Ministry filings, the Medlife International Private Limited, parent company of Medlife, has allowed 50 compulsory convertible debentures. The nominal amount is one crore INR per debenture, which may lead up to 50 crore INR. However, there is no announcement regarding the use of capital by the company.
In early August, the startup has also raised 173 Crore INR in the mix of debt and preference shares from Prasid Uno Family Trust and SC Credit Fund. Medlife has allowed 50 NCDs to SC Credit Fund. The nominal amount per share is 10,00,000 INR and the total amount of 5 crore INR.
The Infusion of Prasid Uno Family Trust with Medlife
The infusion formed two tranches from Prasid Uno Family Trust (1). The health-tech startup allowed 1,25,270 OCPRS (Optionally Convertible Redeemable Preference Shares). The nominal amount for each share is 100 INR, along with 11,754 premiums for each share. The total aggregation reaches to 148,49,50,580.
The online pharmacy has also allowed 16,871 OCRPS earlier in February. The nominal amount for each share is 100 INR, along with 11,754 premiums for each share. The total aggregation was 19,99,88,824 INR. The complete infusion of the Prasid Uno Family Trust is now 167 Crore INR in the company.
Simultaneously, many big enterprises, such as Reliance and Amazon, have also entered the segment. Earlier in August, Amazon launched its e-pharmacy venture called Amazon Pharmacy. It will pilot first in Banglore while also expanding to other cities at the same time. Reliance Retail has also acquired another e-pharmacy store Netmeds to offer more expansion.
Flipkart, the rival giant, is also planning on entering the segment. The company may make a collab with PharmEasy for a smoother entry in the online pharmacy market as per the sources. The companies have led several funding rounds for discussion. There is also considerable potential for new investment, but nothing is yet to be finalized.
Author: Rucha Joshi
Source : https://timesnext.com/medlife-receives-6-8-mn-in-debt-fundings/
Date : 2020-08-29T13:37:12.000Z