MedPlus to raise $75 m in six months

Hyderabad, 31 Mar, 2015: MedPlus, a pharmacy chain, will close a $50-75 million investment deal in the next six months. The firm is planning to expand its footprint to 12,400 stores in 12 States.

“We have started the process. We hope to close the fund-raising deal for the expansion plan. We have invested about $30 million so far,” said MedPlus Health Services founder-Chief Executive Officer Madhukar Gangadi.

He was addressing a press conference here on Friday to announce the expansion of its pharmaceutical retail business by launching an e-commerce window. Using this, customers can order for medicines from a database of over 20,000 products. “You can search for a product for pricing and choice. You can even upload a prescription onto the site that would be vetted at the back-end by trained personnel,” said Surendra Mantena, Chief Operating Officer.

Once the consignment is ready, customers would get an SMS. The firm offers a discount of 15 per cent on medicines and 5-30 per cent on FMCG products when ordered online. Since it is illegal to deliver medicines at home, the customers are required to go to the shop to pick the medicines.

Products other than medicines could be ordered for home delivery.BusinessLine