pennews
www.pennews.net
Medlife acquires medicine delivery startup Myra Medicines
Business

Medlife acquires medicine delivery startup Myra Medicines

Agency News

Mumbai, May 6 : Medlife, India’s largest online pharmacy has announced the acquisition of Bengaluru-based medicine delivery startup Myra Medicines. Medlife recently crossed the 1000 cr plus run rate as of March 2019.  The company expects to achieve overall sales of 1500 cr with an exit run rate of 2000 cr over the next financial year. Myra’s acquisition will enable Medlife to strengthen its pharma business and accrue profits, a release said.

While Myra was earlier handling about 4000 deliveries a day in Bengaluru alone, its services are now ready to be scaled across 22 cities this quarter. Medlife’s physical network, 50,000 SKUs and multiple city presence will allow Myra to offer express delivery service across the network. Medlife’s full-stack inventory will also enable Myra Medicines to increase margins and meet the increasing demand making the latter profitable by this quarter itself.

Mr. Tushar Kumar, Founder and CEO, Medlife, commented, 'Our acquisition of Myra Medicines will be a game changer in the delivery of quality services for access to medicines. We are currently servicing over 20,000 deliveries every day across 29 states and 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 1-hour delivery window.'

Mr Prashant Singh, Founder & Director Medlife, added, 'Myra’s cutting-edge technology and algorithms offering great customer experience and efficiency of operations will now be integrated with Medlife. This will quadruple our 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.' (UNI)