Health-tech platform Medlife has acquired Bengaluru-based medicine-delivery startup Myra in an all-stock deal.
Medlife had earlier tried express deliveries in Bengaluru, without success. "The team at Myra has solved this well and it will add to the overall Medlife customer experience," Tushar Kumar, chief executive officer, Medlife, told Economic Times.
The acquisition will leverage Medlife’s pharma business and bottomline, the company said in a statement.
Earlier, Cab-hailing platform Ola’s talks to acquire Myra Medicines went down the pan.
Cofounders of the Bengaluru-based startup, Faizan Aziz and Anirudh Coontoor, will head the product and engineering departments, respectively. "Myra was established with the vision of ensuring timely access to medicines across the country. We have implemented the model successfully in Bengaluru; but now with Medlife's support, the services will be extended to several other cities," Faizan Aziz and Anirudh Coontoor told PTI.
Venture capital fund Matrix Partners, which owns 32% stake, and Times Internet with a 14% stake, in Myra, will be tacked on to Medlife’s cap table, reported ET.
The online pharma market is thriving in India. In February, Medlife acquired Mumbai-based digital healthcare platform MedLabz for an undisclosed amount.
Netmeds.com acquired health-tech start-up KiViHealth, a clinic management platform providing cloud-based AI-powered tools for doctor-patient interaction, in last March.
The market size of e-pharmacies in India is estimated to be around USD 3.6 billion by 2022 at a compounded annual growth rate (CAGR) of 63%, according to a Frost & Sullivan report.
Myra operates a full-stack model with warehouses in Bengaluru and Mumbai. Medlife, 1MG, Netmeds and PharmEasy control 90% of India's online pharma market, according to market researcher RedSeer Consulting.
Medlife's founder Kumar said Medlife is currently focused on turning operationally profitable over the next nine to 12 months.
"The efficiency that the Myra acquisition brings in will accelerate our path to profitability and that's what we're going to be most focused on for now,” ET quoted Kumar as saying.