Medlife becomes the first e-pharmacy company in India to cross $100 million revenue
Mumbai, 21st November, 2018: Close on the heels of being the first e-pharmacy company in India to achieve a revenue of $100 Million, Medlife, India’s largest online e-pharmacy company, acquired EClinic24/7, a Bangalore based consumer healthcare startup company founded by Jeyandran Venugopal.
This acquisition is part of Medlife’s plans of offering an enhanced and seamless healthcare experience in e-consultation on the Medlife platform for both patients and doctors. Medlife has now become a first of its kind online pharmacy company, providing a one stop access for all the healthcare needs of the customer – from doctor e-consultations, lab tests, health supplements, to delivery of medicines.
Speaking on the acquisition, Tushar Kumar, Founder & CEO, Medlife said, “Our acquisition of EClinic24/7 will allow us to create a disruption in the e-consultation space with an enhanced offering to our customers. EClinic24/7 has been recognized as a NASSCOM Emerge 50 company and has developed a fantastic technology platform that has the potential of transforming the healthcare paradigm in our country. The acquisition will also add to our future revenues with e-consultation contributing to 5 to 10 per cent of our overall business in the near future”
In the healthcare scenario in India, there has been an increasing incidence of non-communicable diseases like heart disease, obesity, cancer and diabetes across the globe. These diseases result in significant lifestyle modifications and require very different and unique forms of treatment, care and adherence. Medlife is working towards reimagining healthcare in India with e-consultation technology and a 360 degree approach, addressing disease prevention, detection and management.
According to Prashant Singh, Founder and Director, Medlife “e-consultation will provide a huge impetus to the people and the benefits are multifold – 24X7 access to more specialised and experienced doctors particularly for people in smaller towns and villages, customised consultation, second opinion, privacy, etc. And, importantly saving time and travel cost will be huge for a patient. With the penetration of smartphones and network coupled with the fact that it has done well in countries like China, US etc. we are quite buoyant about this segment of Healthcare.”
Medlife will integrate the EClinic24/7’s technology on the Medlife platform from December 2018. The users can get immediate care by consulting a General Physician or a Specialist Doctor on the platform and choose video/voice calls, email or chat through the Medlife App, website or voice dial in. Patients will have the added gaurantee of verified and competent doctors. Presently there are over 1500 doctors on the Medlife platform alone and it plans to add over 10,000 doctors in the next one year.
Commenting on the acquisition Mr. Jeyandran Venugopal, Founder, EClinic24/7 said “At EClinic24/7, with our deep experience in technology, we developed a robust consumer internet technology platform. Along with experienced healthcare experts we were able to scale the technology offering to a complete and easy to use platform. We are glad that Medlife, the market leaders in e-pharmacy in India have come forward to take this technology platform to a wider customer base. With the integration of Medlife platform we are confident that it will set new standards in India’s e-consultation market”
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