Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by the organization it is based on.
PharmEasy has developed a health care delivery platform to simplify and modernize the health care setup in India. The platform helps patients to stay connected with various local pharmacy stores and outlets. Data and technology are the driving factors behind a robust health and well-being ecosystem today. And PharmEasy is leveraging both of them to strengthen the healthcare in India.
What does PharmEasy do? - PharmEasy serves as an online pharmacy and handles the hassle-free delivery of medicines and other medical equipment. PharmEasy operates in several major cities of India. Shopping for medicines online has become convenient and easy through PharmEasy. The company delivers goods to thousands of customers every day. Read on to find out more about PharmEasy's success story, founder, business model, growth, competitors, revenue model, funding details, and acquisitions.
PharmEasy - Company Highlights
| Startup Name | PharmEasy |
|---|---|
| Headquarters | Lal Bahadur Shastri Marg, Mumbai, India |
| Founder/Owner | Dharmil Sheth, Dhaval Shah |
| Founded | 2014 |
| Revenue/Turnover | Rs 637 crore (FY20) |
| Net Worth/Valuation | $700 Million (Nov 2019) |
| Total Funding | $328.5 million |
| Parent Organization | 91streets Media Technologies/API Holdings Private Limited |
| Website | pharmeasy.in |
Discover the Journey of PharmEasy:
PharmEasy - Latest News
PharmEasy - About And How It Works?
PharmEasy - Founder/Owner and Team
CCI Approves PharmEasy’s Merger With Medlife
PharmEasy - Startup Story
PharmEasy - Business Model
PharmEasy - Revenue Model
PharmEasy - Revenue/Turnover
PharmEasy - Funding
PharmEasy - Acquisitions
PharmEasy - Challenges Faced
PharmEasy - Customer Acquisition
PharmEasy - Competitors
PharmEasy - Growth
PharmEasy - FAQs
PharmEasy - Latest News
June 17, 2021 - PharmEasy plans to buy Thyrocare, diagnostics, and preventive care laboratories chain. The deal is supposed to be for Rs 7,000 crore as per reports.
June 17, 2021 - B Capital buys a minority stake of PharmEasy for $20 million and is now valued at $1.8 billion, which was a considerably fast raise from $1.5 billion in April.
April 25, 2021 - PharmEasy launches its COVID-19 vaccination drive, which is allegedly the country's biggest vaccination drives that is eyeing to vaccinate over 3 crore people across the country.
PharmEasy - About And How It Works?
Pharmacy is an e-commerce platform for the purchase of medicines and other healthcare-related equipment. You upload a prescription on PharmEasy which is then sent to a drugstore in your vicinity. The company uses a mobile app and web technology to offer the best-quality health care products to customers at affordable rates.
You might be thinking, "Ah! discounted products, they would be of cheap quality for sure." But no, discount has nothing to do with compromise in quality. Pharmacy provides you with the top-notch products that you generally find in reputed pharmacies and medical stores.
Once PharmEasy sends your medical prescription to the drugstore, a delivery agent collects the medicines from the drugstore while adhering to all sorts of precautions and guidelines. Your order is then packaged and is delivered to your doorstep. Visit PharmEasy's website to comprehend the company's liabilities.
PharmEasy - Founder/ Owner And Team
Dharmil Sheth and Dhaval Shah are the founders of PharmEasy
Dhaval Shah and Saumil Parekh are the two key executives at the company. The team behind PharmEasy has set its sight on becoming India's best health care delivery venture. The focus at the moment is digization to the maximum possible extent. PharmEasy is a private company that is adding new employees to its taskforce every other day.
CCI Approves PharmEasy’s Merger With Medlife
On September 22, 2020, The Competition Commission of India approved the merger of Medlife (Online Pharmacy) with PharmEasy. This action is termed as the First Major Consolidation in this sector after the netry of Amazon and Reliance.
According to this deal, PharmEasy's Parent Entity will acquire 100% equity of Medlife and the promoters of Medlife will get 19.95% stake in the entity
PharmEasy - Startup Story
Dharmil Sheth, the founder of PharmEasy, and his doctor pal Dhawal Shah came up with the idea of building an online pharmacy. And this is how PharmEasy came into existence in the year 2014. Presently, the company delivers to nearly 98% of the Indian pin codes.
The company wanted to achieve the mission of doorstep delivery of everything related to healthcare. And it has now successfully accomplished this objective. Digitization has become an integral component of India's healthcare industry. Be it scheduling a doctor's appointment or delivery of reports and medicines, every step in the industry has been digitized. And a major chunk of the credit goes to e-pharmacies like PharmEasy. The "health commerce industry" in India is growing at unprecedented rates courtesy of these e-pharmacies.
Lakshya Singh
PharmEasy - Business Model
PharmEasy delivers medicines and other medical accessories across Indian towns and cities. It is like Grofers for medicine. The pin codes maintained by PharmEasy are used to identify pharmacies closest to the customers. Customers can either access PharmEasy's website or use its mobile app to order items. They are entitled to discounts of up to 20% if they order using the mobile app.
Due to various rules and regulations set by the Indian government, the company doesn't deliver Schedule H drugs. Why do people abstain from e-pharmacies? They aren't sure of where the medicines come from. PharmEasy is dispelling this notion for good.
Shubham Kumar
PharmEasy - Revenue Model
PharmEasy earns by displaying the sponsored results of various pharmaceutical entities. These kinds of advertisements are found on the homepage of such organizations. Advertising is a major source of revenue and this e-pharmacy leverages it to the hilt. Attractive discounts also contribute to PharmEasy's revenue.
PharmEasy - Revenue/Turnover
PharmEasy nearly doubled its revenue in FY20 to Rs 637 crore.
PharmEasy's losses before tax for the period is around Rs 100.7 crore
PharmEasy - Funding
PharmEasy has received $328.5 million in funding to date. PharmEasy raised $220 million in the latest funding round led by Temasek at a valuation of around $700 million.
The company is also in talks with SoftBank to raise $100 million.
| Date | Series | Amount | Investors |
|---|---|---|---|
| March 2016 | Series A | $5 Million | Bessemer Venture Partners |
| March 2017 | Series B | $18 Million | Bessemer Venture Partners |
| 2018 | Series C | $50 million | Eight Roads Ventures India, F-Prime Capital, and others |
| July 2019 | Equity | $100 million | Canadian pension fund CDPQ, and LGT. |
| November 2019 | Series D | $220 million | Temasek |
Devashish Shrivastava
PharmEasy - Acquisitions
PharmEasy is all set to acquire Thyrocare, Mumbai-based Indian diagnostics, and preventive care laboratories, in Rs 7,000 crore deal, sources said on request on anonymity. The talks are already in the final stage and the deal is to be announced soon before API Holdings goes for IPO the next year. API Holdings, the parent company of PharmEasy, aims to raise $1.2 billion through this year's IPO.
PharmEasy - Challenges Faced
The company started its journey in the year 2014 and has now become a major player in the online pharmacy segment. However, PharmEasy didn't witness overnight success. Challenges are inevitable. And the e-pharmacy also had its share of problems. It was difficult for PharmEasy to deliver products without a prescription.
Knowing the medicines by their names wasn't enough. A valid prescription was compulsory for supplying the products. Many didn't want to upload their prescriptions fearing consequences. Location tracking back then was difficult for the PharmEasy's delivery agents. Not anymore, though.
The company eventually overcame the challenges thrown at it and has grown tremendously since its inception in 2014.
PharmEasy - Customer Acquisition
Customer acquisition of a company totally depends upon trust and faith. It's a symbiotic relationship of how much the company is giving to its customers and how those users are benefitting in return.
Acquiring new users has not been problematic for PharmEasy ever since it overcame the initial hiccups and challenges. A solid user-retention rate has proved PharmEasy's expertise in keeping customers satisfied.
PharmEasy - Competitors
The company's top competitors are Ranger Health, Myra Medicines, Hello Heart, and BrownPacket. These companies are building theirempire just like PharmEasy. But PharmEasy is ahead of its competitors. Ranger Health is a company which was founded in the same year as PharmEasy and is headquartered in the US. The company has fewer employees than PharmEasy. It has received $10 million in funding which is lower than what PharmEasy has arranged.
PharmEasy - Growth
The company is witnessing massive growth. It's growing at 4x year-on-year which translates into the possibility of generating a revenue of INR 450 crores. Impressive! Dhaval Shah and Dharmil Sheth are playing a major role in this growth through excellent leadership and superior decision-making.
Finally, there is no shortcut to success. And PharmEasy is a case in point. From being an unknown candidate in the online pharmacy space to becoming an established brand, Dharmil Sheth-founded PharmEasy has conquered varying obstacles to reach the zenith of success.
PharmEasy - FAQs
Who is PharmEasy Owner?
API Holdings Private Limited is the Parent Organisation of PharmEasy. Dhaval Shah and Dharmil Sheth are Founders of PharmEasy.
How much is PharmEasy Revenue and Profit?
PharmEasy nearly doubled its revenue in FY20 to Rs 637 crore. PharmEasy's losses before tax for the period is around Rs 100.7 crore
How PharmEasy works?
Customers can upload a prescription on PharmEasy, which is then sent to a drugstore in your vicinity. The package is delivered to your doorstep within the stipulated time.
How much is PharmEasy Net worth?
$700 Million
Author: Purbalee Dutta
Source : https://startuptalky.com/pharmeasy-success-story/
Date : 2021-06-18T07:42:00.000Z