Medlife Acquires Myra Medicines to Enhance Last-Mile Drug Delivery Capabilities

VCBeat (WeChat Official Account: vcbeat) has learned that Medlife, a major online pharmacy headquartered in Bangalore, recently acquired the drug delivery company Myra Medicines in an all-stock transaction. The acquisition amount was not disclosed. This indicates early signs of consolidation in India’s crowded e-pharmacy sector.

Through this transaction, Medlife will gain access to Myra’s pharmaceutical express delivery market, consolidate and strengthen the drug delivery segment, and expand its business to 22 cities. Meanwhile, Myra co-founders Faizan Aziz and Anirudh Coontoor will onboard 45 of Medlife’s top employees and lead the company’s product and engineering departments, respectively.

Medlife, founded in November 2014 and headquartered in Bangalore, initially operated as an inventory-led online pharmacy and assisted doctors in digitally managing and storing patient records. Over time, Medlife has diversified its operations, expanding into areas such as online doctor consultations, health products, and laboratory services.

This transaction marks Medlife’s third acquisition. Previously, the company had acquired the digital health platform EClinic 24/7 and the home diagnostics service provider Medlabz.

Myra Medicines, founded by Faizan Aziz and Anirudh Coontoor in 2013, aims to provide customers with a wide range of pharmaceutical products through its full-stack operational model. Currently, the company processes nearly 4,000 orders per day in Bangalore. It leverages its express delivery capabilities to maintain the lowest possible order fulfillment costs. Reportedly, the company’s logistics and transportation model is built upon a state-of-the-art ordering and warehousing system, which enables the picking, packing, and dispatching of orders within just five minutes.

Myra Medicines leverages data science and technology to achieve highly automated operational processes. Its precise forecasting algorithm for economic order quantities ensures that 95% of orders are fulfilled on time, resulting in rapid overall inventory turnover and low order fulfillment costs, thereby delivering strong economic benefits.

Prashant Singh, Founder and Director of Medlife, stated that Medlife had attempted to pilot optimized logistics and delivery services in Bengaluru last year but found it challenging. Myra has perfectly resolved this issue. “Myra’s cutting-edge technology and algorithms will enhance the company’s operational efficiency and deliver a superior user experience. Combined with Medlife’s scale and experience, we believe the company’s overall capabilities will double,” said Prashant Singh.

Market research firm RedSeer Consulting points out that four companies—Medlife, 1MG, Netmeds, and PharmEasy—control 90% of India’s online pharmaceutical market. In 2018, Medlife, 1MG, and Netmeds nearly tripled their operating revenues, with Medlife’s turnover approaching ₹70 billion. Reportedly, Medlife is currently focused on achieving profitability within the next 9 to 12 months. “The operational efficiencies brought by the acquisition of Myra will accelerate our path to profitability, which is our primary objective at present,” added Kumar, co-founder of Medlife.

(Compiled by Wang Yue)