Medlife
{{short description|Indian online medical provider}}
{{Distinguish|Medifé|Metlife}}
{{Infobox company
| name = Medlife International Pvt Ltd
| logo = Medlife International Pvt Ltd-logo.jpg
| type = Private
| industry = {{plainlist|
| founded = {{start date|df=yes|2014}}{{Cite web|url=https://economictimes.indiatimes.com/company/|title=Medlife International Private Limited Information - Medlife International Private Limited Company Profile, Medlife International Private Limited News on The Economic Times|website=The Economic Times|access-date=2020-04-09}}
| fate = Merged with PharmEasy
| founders = {{plainlist| *Prashant Singh
- Tushar Kumar }}
| key_people =
| defunct = 2021
| hq_location_city = Bangalore, Karnataka
| hq_location_country = India
| area_served = India
| products =
| successor = PharmEasy
| services = {{plainlist|
}}
| revenue = {{increase}} {{INRConvert|363.4|c}} (FY 2019)
| num_employees = 5000
| num_employees_year =
| subsid = {{plainlist| *Medlife Diagnostics (MedLabz)
- PinHealth
- Medlife Xpress (MyraMed)}}
| parent = PharmEasy (100%)
| website = {{URL|https://www.medlife.com}}
}}
Medlife was an Indian online platform, which provided pharmacy, diagnostics, and e-consultation in India. It was founded in 2014 by Prashant Singh and Tushar Kumar. The company had a central laboratory based in Bangalore and operated in 29 states.{{Cite web|url=https://www.businesstoday.in/current/corporate/ex-myntra-chief-executive-ananth-narayanan-appointed-medlife-ceo/story/370614.html|title=Ex-Myntra chief executive Ananth Narayanan joins Medlife|website=www.businesstoday.in}}{{Cite web|url=https://www.thehindubusinessline.com/companies/medlife-acquires-bengaluru-based-myra-medicines/article27048317.ece|title=Medlife acquires Bengaluru-based Myra Medicines|website=@businessline}}{{Cite web|url=https://brandequity.economictimes.indiatimes.com/news/advertising/medlife-launches-goodhealthisfreedom-campaign-ahead-of-independence-day/70675129|title=Medlife launches #GoodHealthIsFreedom campaign ahead of Independence Day - ET BrandEquity|website=ETBrandEquity.com}}{{Cite web|url=https://www.thehindubusinessline.com/companies/medlife-acquires-mumbai-based-medlabz/article26140021.ece|title=Medlife acquires Mumbai-based MedLabz|website=@businessline}}{{Cite web|url=https://www.business-standard.com/article/companies/softbank-in-talks-to-invest-70-million-in-indian-e-pharmacy-medlife-119061301247_1.html|title=SoftBank in talks to invest $70 million in Indian e-pharmacy Medlife|first=Yuvraj|last=Malik|date=June 13, 2019|via=Business Standard}} In 2021, PharmEasy acquired Medlife, and merged Medlife's operations into its own platform.
History
The company started out as an online platform for medicine delivery and later expanded to offer online doctor consultation and diagnostic services.{{Cite web|url=https://www.techcircle.in/2019/04/12/online-healthcare-startup-medlife-gets-17-mn-in-fresh-funding|title=Online healthcare startup Medlife gets $17 mn in fresh funding|date=April 12, 2019|website=Techcircle}} Medlife offered one consumer-facing mobile app for accessing all three services.{{Cite web|url=https://www.vccircle.com/online-healthcare-startup-medlife-readies-30-mn-booster-shot|title=Online healthcare startup Medlife readies $30 mn booster shot|date=August 28, 2017|website=VCCircle}}
Founding team Saurabh Mittal (CTO), Saurabh Agarwal (CFO) and Raghunandan Sreenivasan (COO) led the company to over $150M ARR within four years of incorporation.
In November 2018, Medlife acquired healthcare start-up EClinic to expand Medlife's e-consultation services and enhance online doctor access.{{Cite web|url=https://www.thehindubusinessline.com/info-tech/medlife-acquires-healthcare-start-up-eclinic-plans-100-million-expansion/article25558612.ece|title=Medlife acquires healthcare start-up EClinic, plans $100 million expansion|website=@businessline}}{{Cite web|url=https://www.inventiva.co.in/stories/inventiva/medlife-acquires-healthtech-startup-eclinic24-7-to-invest-100-mn-for-e-pharma-expansion/|title=Medlife Acquires HealthTech Startup EClinic24/7; To Invest $100 Mn for E-Pharma Expansion|last=inventiva|date=2018-11-22|website=Inventiva|language=en-US|access-date=2020-04-09}}
Medlife’s diagnostic services were still in their early stages, primarily offering lab tests and limited home sample collection. In January 2019,{{cite news |title=Health-tech platform Medlife acquires MedLabz |url=https://www.vccircle.com/health-tech-platform-medlife-acquires-medlabz |work=VCCircle}} Medlife strategically acquired MedLabz,{{Cite web|url=https://www.thehindubusinessline.com/info-tech/medlife-international-acquires-healthcare-start-up-medlabz/article26141684.ece|title=Medlife International acquires healthcare start-up Medlabz|website=@businessline}} a three-year-old digital healthcare startup providing diagnostic and AI-driven health services, operating in 120 cities.{{cite news |title=Medlife acquires Mumbai-based Medlabz |url=https://agamalaw.in/2019/03/28/medlife-acquires-mumbai-based-medlabz/ |work=COMMERCIAL-LAW BLOG |date=28 March 2019 |language=en}} MedLabz was founded by IIT Bombay and IIT Delhi alumni, including Harshal Jain, Kumar Akarsh, Piyush Singh, Srikanth Kumar Manne, Nimish Mehta, and Siddharth Bidwan (Founding CEO).
In May 2019,{{cite news |last1=Peermohamed |first1=Alnoor |title=Medlife acquires Myra to take ePharma service to 22 cities |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/medlife-acquires-myra-to-take-epharma-service-to-22-cities/articleshow/69193813.cms?from=mdr |work=The Economic Times |date=6 May 2019}} Medlife acquired MyraMed, a medicine-delivery startup to boost its medicine delivery service and expand its logistics network.{{Cite web|url=https://www.forbesindia.com/article/special/medlifes-acquires-myra-medicines-for-express-delivery-and-data-science-capabilities/53373/1|title=Medlife Acquires Myra Medicines For Express Delivery And Data Science Capabilities|website=Forbes India|language=en|access-date=2020-04-09}}{{Cite web|url=https://www.vccircle.com/medlife-acquires-e-pharmacy-myra-to-expand-delivery-services|title=Medlife acquires e-pharmacy Myra to expand delivery services|date=May 6, 2019|website=VCCircle}}{{Cite web|url=http://www.pharmabiz.com/NewsDetails.aspx?aid=115549&sid=2|title=Medlife buys Bengaluru-based medicine delivery startup Myra Medicines|website=www.pharmabiz.com}}
In August 2019, Ananth Narayanan (former CEO of Myntra) joined Medlife as the Co-Founder and Chief Executive Officer.{{Cite web|url=https://www.businessinsider.in/advertising/brands/article/medlife-hopes-to-achieve-100-growth-by-the-end-of-this-financial-year-will-take-its-diagnostics-offering-to-50-cities-within-the-next-24-months/articleshow/71925239.cms|title=Medlife hopes to achieve 100% growth by the end of this financial year, will take its diagnostics offering to 50 cities within the next 24 months|website=Business Insider}}
According to a Frost and Sullivan report Medlife owns 30 per cent of the e-Pharma market share in India.{{Cite web|url=https://www.exchange4media.com/digital-news/we-will-be-the-largest-e-diagnostic-player-by-march-2019-prashant-singh-medlife-94460.html|title=We will be the largest e-Diagnostic player by March 2019: Prashant Singh, MedLife - Exchange4media|website=Indian Advertising Media & Marketing News – exchange4media}}{{Cite web|url=http://bwdisrupt.businessworld.in/article/Medlife-Clocks-Run-Rate-of-1000-Cr-in-FY-2019-Amidst-Steady-Growth/15-04-2019-169334|title=Medlife Clocks Run Rate of 1000 Cr in FY 2019 Amidst Steady Growth|first=BW Online|last=Bureau|website=BW Disrupt}}
In May 2020, Medlife became multilingual, offering Hindi language.{{Cite web|last=Awasthi|first=Prashasti|title=E-healthcare platform Medlife goes multilingual to deepen its reach|url=https://www.thehindubusinessline.com/companies/e-healthcare-platform-medlife-goes-multilingual-to-deepen-its-reach/article31541575.ece|access-date=2021-03-23|website=@businessline|language=en}}
In May 2021, Medlife was acquired reportedly for $250 million by PharmEasy, as a result of which Medlife's operations were discontinued and users were migrated to PharmEasy. The merger made PharmEasy the largest e-pharmacy company in India with 2 million customers.{{cite news |last1=Ahmad |first1=Samreen |title=PharmEasy acquires Medlife, becomes India's largest e-pharma company |url=https://www.business-standard.com/article/technology/pharmeasy-buys-medlife-becomes-largest-e-pharma-firm-with-2-mn-customers-121052501055_1.html |access-date=4 January 2023 |work=www.business-standard.com |date=25 May 2021 |language=en}}{{Cite web|url= https://economictimes.indiatimes.com/tech/startups/pharmeasy-buys-medlife-creates-indias-largest-online-pharmacy/articleshow/82936685.cms|title= Pharmeasy buys Medlife, creates India's largest online pharmacy|author=The Economic Times}}
Funding
Medlife received roughly $30 million from Alkem Laboratories' Family Office. Kumar and Singh also claim to have put $20 million of personal funds into the business.
In April 2019, Medlife received $17 million in funding from Kumar's family trust.
In December 2019, Medlife raised $15.5 million from Wilson Global Opportunities Fund in debt funding.{{Cite web|date=2019-12-18|title=Medlife Raises $15.5 Mn From Wilson Global Opportunities Fund For Growth|url=https://inc42.com/buzz/medlife-raises-15-5-mn-from-wilson-global-opportunities-fund-for-growth/|access-date=2021-03-23|website=Inc42 Media|language=en-US}}
References
{{reflist}}
External links
- {{URL|www.medlife.com|Official site}}
Category:Health care companies established in 2014