Medlife, a leading player in the online pharmacy, is planning to expand its presence in the retail pharmacy segment. The health-tech platform will open around 750 pharmacies across the country in two years, a top company official recently said.
“We have started the omnichannel where we are now looking at active acquisitions of offline retail chains. We want to open close to 750 retail pharmacies in two years, by end of 2020,” Tushar Kumar, Medlife Founder and CEO was quoted as saying by a news agency.
These stores will act both as offline pharmacies and also as well as hyper local centres for last mile delivery of medicines, he added. On being asked how the company plans to fund the acquisitions, Kumar said, “We have earmarked around Rs 250 crore for the acquisitions. This would be raised through internal accruals and we also have commitment from the Alkem Family Trust.”
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The company is targeting pharmacy chains in the country for the acquisitions, he added.
Medlife is currently present in around 21 cities with 50 licensed pharmacies (fulfillment centres), through which it dispenses medicines for the orders it receives online.