Date: 7th May 2019
Medlife International Private Limited took over Myra Medicines on Monday. This deal is likely to strengthen Medlife as the medicine delivery app perfectly complements its business. The acquisition was one through cash and shares.
According to reports, shares of Medlife will be provided to Faizan Aziz and Anirudh Coontoor, Myra’s founders, and some of the other investors as well.
Medlife’s CEO Tushar Kumar said that he aims to provide delivery of ordered medicines within half to one hour to customers. He added that the acquisition will provide the company with a better foothold in the market. Moreover, he believes that the efficiency of Myra as a delivery service will prevent inflation in the cost figures of the company.
It is expected that the company will take about six months to fully accommodate the new delivery service company’s team. The founders of Myra, Aziz and Coontoor, would be looking over the product and engineering departments.
This acquisition isn’t a first for Medlife. Earlier this year, the company took over MedLabz, which is a home diagnostic service and digital healthcare platform based in Mumbai. It took place in January but the purchase consideration was not revealed. Medlife CEO said, during MedLabz acquisition, that it would help the company increase its progress in the diagnostics segment.
Medlife, which started its ventures in 2014, initially served as an online medicine delivery platform. Later it increased its services to diagnostics and online consultation. As of now, the company is seeking to get funded from external sources. Recently the company raised ₹118.95 crore in a funding round led by Prasid Uno Family Trust.
The company’s lab services are available in cities including Kolkata, Mumbai, Kanpur, Hyderabad, Bengaluru, etc. Medlife is in a pursuit of expansion, which is quite obvious with the two acquisition within 5 months of 2019. It plans to expand its lab services to other cities as well.