Medicine e-tailer PharmEasy has bought Medlife for an undisclosed amount, marking the largest consolidation in the domestic online pharmacy sector.
As per the deal, Medlife users will become PharmEasy customers, with Medlife discontinuing operations from now. The merged entity will now serve around 2 million customers every month, said the company, according to a Business Standard report.
“This acquisition significantly strengthens our position in the healthcare industry and further helps us provide quality healthcare to more number of Indian households. Moving forward, we aim to be of even better service to the people,” said Dhaval Shah, co-founder of PharmEasy, in a post on LinkedIn.
In July of 2020, PharmEasy was in talks to acquire its smaller rival Medlife for about $200 million, a move aimed at consolidating its top position in a hotly contested market, as per sources.
At the time, the Bengaluru-based Medlife has been looking to raise $100-150 million in growth capital for over a year but has not found an investor, two people aware of the development said, requesting not to be identified.