MedPlus Health Services Private Limited has planned to raise US$ 50-70 million in next two months. The money will help the company finance its plans to open 10,000 outlets across the country in three to four years.The company at present has 1,244 pharmacy retail stores in 12 states and is expected to end the year with sales of Rs 1,400 crore.
According to Madhukar Gangadi, CEO MedPlus, the fund-raising will be in addition to the secondary stake sale by its existing investors.
Gangadi plans to double the number of stores in the company’s traditional stronghold Hyderabad, Bengaluru and Chennai and enter Gujarat, Punjab, parts of Uttar Pradesh, Bihar and Haryana.
MedPlus has so far invested around Rs 170-180 crore and will require more Rs 2,000-2,200 crore to reach 10,000 stores.
The company had launched its first store in February 2006 in Hyderabad.