- Name of the Company: PlatinumRx
- Industry: Online Pharmacy
- Funding Amount: $800,000
- Funding Date: Not specified
- Dilution Percentage: Not specified
- Date of Inception: Not specified
- Details About the Founders: Founded by Ashutosh Pandey and Piyush Kumar
Funding Announcement: Bangalore-based online pharmacy startup PlatinumRx has secured $800,000 in a seed funding round led by India Quotient. The funding round also saw participation from several angel investors.
Utilization of Funds: The freshly raised funds will be used to augment PlatinumRx’s warehousing and distribution network. Additionally, the startup plans to enhance its presence across the country and increase its product offerings.
About PlatinumRx: Founded by Ashutosh Pandey and Piyush Kumar, PlatinumRx aims to redefine the way chronic patients access essential medications. The startup assists consumers in finding equivalent substitute medicines—with the same salt, strength, and effectiveness—at a fraction of the cost through its substitution engine. PlatinumRx curates and offers best-value substitutes from top brands like Cipla, Abbott, Alkem, etc.
Expansion Plans: With the funding, PlatinumRx aims to extend its reach to more patients in need of affordable, high-quality medications. The startup currently covers more than 20,000 pin codes, delivering within two to three days, and offers same-day delivery in Bengaluru.
Statement from the Investor: Gagan Goyal from India Quotient highlighted the importance of cost reduction for chronic illnesses without compromising efficacy. He emphasized that scaling correct awareness would reveal a vast Total Addressable Market (TAM) ready to be tapped.
Market Projection: The online pharmacy market in India is projected to generate revenue of $453.30 million in 2024, growing at an annual rate of 9.41% to reach around $649.50 million by 2028.
The funding from India Quotient and angel investors comes as a significant boost for PlatinumRx, enabling the startup to expand its operations and reach more patients in need of affordable medications.