Summery: Bangalore-based online pharmacy startup PlatinumRx has secured $800,000 in seed funding led by India Quotient and angel investors. The funding will be used to expand its warehousing and distribution network, enhance its nationwide presence, and diversify its product offerings. Founded by Ashutosh Pandey and Piyush Kumar, PlatinumRx aims to revolutionize medication access for chronic patients by offering affordable substitutes from top brands. With partnerships in Bengaluru and coverage of over 20,000 pin codes, PlatinumRx is poised to tap into India’s growing online pharmacy market projected to reach $649.50 million by 2028.
In a significant development for the healthcare sector, Bangalore-based online pharmacy startup PlatinumRx has successfully raised $800,000 in seed funding. The funding round was led by India Quotient, with participation from various angel investors, catapulting PlatinumRx into the limelight of innovation and accessibility in medication procurement.
The infusion of funds marks a pivotal moment for PlatinumRx as it sets out to expand its operations and bolster its warehousing and distribution network. With a mission to redefine the landscape of chronic patient care, PlatinumRx intends to utilize a portion of the raised capital to broaden its geographical presence across the country and diversify its product offerings.
Founded by Ashutosh Pandey and Piyush Kumar, PlatinumRx aims to revolutionize the way individuals with chronic conditions access vital medications. Through its unique substitution engine, the startup empowers consumers to discover equivalent substitute medicines, ensuring the same potency, efficacy, and affordability. By curating a selection of best-value substitutes from renowned brands like Cipla, Abbott, and Alkem, PlatinumRx seeks to alleviate the financial burden associated with long-term medication needs.
Ashutosh Pandey and Piyush Kumar, Co-founders of PlatinumRx, expressed their enthusiasm for partnering with IndiaQuotient, citing the firm’s alignment with their vision to democratize the medication procurement process for all Indians.
Commenting on the development, Gagan Goyal of India Quotient emphasized the pressing need for cost-effective solutions in light of rising chronic health conditions. He underscored the significance of scaling awareness to address a vast Total Addressable Market (TAM) and alleviate the financial strain on individuals managing chronic illnesses.
With the raised capital, PlatinumRx aims to extend its outreach to a wider demographic of patients seeking affordable yet high-quality medications. Presently, the startup boasts coverage of over 20,000 pin codes, with swift delivery services within two to three days and same-day delivery available in Bengaluru. Additionally, PlatinumRx has forged partnerships with several old age homes and rehabilitation centers in Bengaluru, demonstrating its commitment to reducing medical expenses for vulnerable populations.
Reports indicate a promising outlook for the online pharmacy market in India, with projections estimating revenue generation of $453.30 million in 2024. The sector is poised for steady growth, anticipated to reach approximately $649.50 million by 2028, underscoring the immense potential for innovation and accessibility in healthcare services.
PlatinumRx’s successful funding round not only signifies a milestone for the startup but also heralds a new era of affordability and convenience in medication procurement, promising transformative benefits for patients across the nation.
Entrepreneur Edge Team https://entrepreneuredge.in/ 
Ankur Srivastava