PharmEasy pockets Medlife

“We are thrilled to welcome Medlife to the PharmEasy family! We can’t wait to innovate together and deliver better experiences for our consumers, delivery personnel, and retail partners across the country,” the company site proclaims.

On Tuesday, PharmEasy co-founder Dhaval Shah took to LinkedIn stating that the merged entity will be India’s largest online healthcare delivery platform, serving over two million families every month.

In August last year, the merger was widely reported when PharmEasy had submitted a proposal to the Competition Commission of India (CCI) formalising its intent to acquire Medlife.

The deal saw API Holdings, the parent entity of PharmEasy, completely acquire the equity shares of Medlife. In return, Medlife’s promoters have got a 19.95 pc stake in the merged entity, pegged to be worth $1 bn, a report said.

Founded in 2015 by Dharmil Sheth, Dhaval Shah and Mikhil Innani, PharmEasy offers services such as teleconsultation, medicine delivery and diagnostic test sample collections.

The start-up claims to be delivering medicines in over 1,000 cities covering more than 22,000 pin codes.

Noting that Medlife has catered to the country’s healthcare needs covering over 465 cities, the information in the site said “This merger is sure to complement PharmEasy’s ever growing efforts in India’s healthcare space.”

PharmEasy believes the merger with Medlife will create an even stronger platform to accelerate its growth. “With this acquisition, Medlife users will automatically become PharmEasy users. We have tried our best to make this transition as smooth as possible. This acquisition significantly strengthens our position in the healthcare industry, and further helps us in providing quality healthcare to more number of Indian households,” it said.

Medlife will discontinue operations and will merge with PharmEasy, starting May 25, 2021.

The merger deal comes at a time, when Tata, Reliance, Amazon and Flipkart have been eyeing the online medical space with lot of interest.