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PharmEasy is a company which is developing a health care delivery platform hastily. It helps patients to stay connected with various local pharmacy stores. Data and technology have driven health ecosystems. PharmEasy is one such output.
PharmEasy is operating now in many of the major cities of India providing affordable health care to all the citizens of the country. Nowadays, we just need to tap a button and we get the delivery in our homes. The company delivers goods to lakhs of customers every day. For the grandparents who are in our homes, for them, it's very difficult to believe that things are happening digitally. Anyways, it is! Read the PharmEasy success story below.
PharmEasy - Company Highlights
| Startup Name | Pharmeasy |
|---|---|
| Headquarters | Lal Bahadur Shastri Marg, Mumbai, India |
| Founder | Dharmil Sheth |
| Founded | 2014 |
| Parent Organization | 91streets Media Technologies |
| Website | pharmeasy.in |
PharmEasy - About And How It Works?
PharmEasy - Founder And Team
PharmEasy - Startup Story
PharmEasy - Business Model
PharmEasy - Revenue Model
PharmEasy - Funding
PharmEasy - Challenges Faced
PharmEasy - Customer Acquisitions
PharmEasy - Competitors
PharmEasy - Growth
PharmEasy - About And How It Works?
Pharmacy is an online medical company that keeps all of its customers well informed and it also provides a transparent digitized platform so that it can provide the best service to the customers possible. The company tells you to upload a prescription and then the prescription is sent out to the drugstore in your vicinity. The company uses a mobile app and web technology to get access with the best health care products possible with the most attractive discounts that they can provide to the customers.
Point to remember:- You might be thinking Ah! discounted products, maybe the quality is not good at all. But no, the discount has got nothing to do with the quality. Pharmacy always provides you with the best quality.
Trust is very important in this field. After the prescription reaches the drugstore. The delivery agents follow the laws and collect the medicines from the validated stores. Then the order is dispatched. It gets packaged and you get your product to your doorstep. For further information check the site mentioned above to comprehend the company's liabilities.
PharmEasy - Founder And Team
Dharmil Sheth is the founder of the company. The company has got two key executives namely - Dhaval Shah and Saumil Parekh. The team is trying its level best to develop the company into India's best health care delivery platform. The team aims to improve and supply the chain of their working by more digitizing the process. It's a private company with numerous employees. There are a number of investors - Bessemer Venture Partners, Temasek Holdings, Orios Venture Partners, etc.
PharmEasy - Startup Story
Founder of the company, Dharmil Sheth with his doctor pal Dhawal Shah came up with an idea of building up a pharmacy startup company. This was the way of an idea popping up their minds and this is how the company started in the year 2014. Presently, the company delivers nearly 98% of the pin codes across India.
The company had the notion of delivering medicine at the doorstep of every needy patient. And now here today, they are successful in accomplishing whatever they wanted years ago. Everything is digitized today, starting from the doctor's appointment to the delivering of the medical devices. E-pharmacies are playing an important role here. The idea has successfully introduced health commerce industry in India.
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PharmEasy - Business Model
PharmEasy also delivers locally medicines within the town or city. It's like Grofers for medicine. Pin codes are segmented based on the customers wherever they stay and the company makes sure that it matches with the corresponding medical stores of the concerned area. Ordering through the app is also available where customers get a satisfactory discount of 20% upon each order made.
Due to various rules and regulations set by the government, the company doesn't deliver Schedule H drugs. There are cases where customers aren't sure from where the medicine is coming from and henceforth many people don't trust e-pharmacies. All the consumers are to have faith within so that the company makes people's health easy.
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PharmEasy - Revenue Model
The company earns mostly by displaying sponsored results of various pharmaceutical companies. These kinds of advertisements are found on the homepage of the concerned site. As we all know advertising is a big source of revenue. Attractive discounts also help a lot to increase the revenue amount of the company.
PharmEasy - Funding
The company generates an amount of $3.8 million in revenue. The total funding amount of the company is $328.5 million. The CB rank of the company is 758. The numerical mentioned above tells us it's presently one of the hottest segments in India for a few years. 1Mg, Medplus, etc have attracted enormous funds based on the company's progress.
Amidst everything the company has become prosperous and have raised $220 million in the last funding round led by Temasek at a valuation of around $700 million. Recently, the company is also talking about lifting a sum of $100 million from SoftBank. Anyway, we are not sure about the fact but the conversation is on.
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PharmEasy - Challenges Faced
The company started a journey in the year 2014 by delivering genuine products with cool discounts. Today it's a long chain of supplying products all over India. Of course, the company confronted challenges. Point to be noted-: challenges are inevitable. It was difficult for the company to deliver products without a prescription.
Knowledge of the names of the medicines wasn't enough. A valid prescription was compulsory for the supplying of the products. Many didn't want to upload their prescriptions thinking of a number of consequences. Location tracking back then was a bit difficult for the delivery agents of the company. Now, everything is digitized so it isn't an issue anymore. But back then it was. Slowly problems were solved and now more than half of the population of India knows about the company.
PharmEasy - Customer Acquisitions
Customer acquisition of a company totally depends upon trust and faith. How much the company is giving to its customers and how much they are able to gain from it. The more the company benefits its customers, they receive more customers. And this way the number doubles and triples. It's a two - way policy.
PharmEasy - Competitors
The company's top competitors include Ranger Health, Myra Medicines, Hello Heart and BrownPacket respectively. These companies are building their own empire just like the startup company - PharmEasy. All are in a developing state but PharmEasy is a way bit better in the competition. Ranger Health is a company which was founded in the same year with PharmEasy and the headquarter is located in the US. The company has got fewer employees compared to PharmEasy. Their total funding is $10 million which is quite a bit lower than PharmEasy. The competition is going tough in this platform but all the reputed companies are trying their level best to acquire the top position.
PharmEasy - Growth
The company is heading towards massive growth. It's a big thing for a startup company like theirs. It's growing at 4x year - on - year which is having the possibility of reporting a revenue of Rs. 450 crores. Unbelievable! From the year 2014, both men - Shah and Sheth are playing a big role from behind the scene.
They sold medicines, health care products, etc to all local pharmacies possible through a digitized platform. There is no shortcut to success. Success will always be waiting at the end of the long way we need to plan accordingly, perform the righteous thing in order to accomplish growth which will lead the company towards success.
Author: Purbalee Dutta
Source : https://startuptalky.com/pharmeasy-success-story/
Date : 2020-09-11T07:53:16.000Z