PlatinumRx, a Bangalore-based online pharmacy startup, has made headlines by securing $800,000 in a seed funding round from India Quotient. Several angel investors also participated in the funding round.

As per the startup, the freshly raised funds will be used to augment its warehousing and distribution network. Part of the raised funds will also utilized to enhance its presence across the country and increase its product offerings.

PlatinumRx | Online Pharmacy

Founded by Ashutosh Pandey and Piyush Kumar, PlatinumRx is a Bangalore-based healthcare startup that aims to redefine the way chronic patients access essential medications.

Utilizing its substitution engine, the online pharmacy startup assists consumers in finding equivalent substitute medicines—with the same salt, strength, and effectiveness—at a fraction of the cost. The healthcare startup curates and offers best-value substitutes from top brands like Cipla, Abbott, Alkem, etc.

Speaking about the development, Ashutosh Pandey and Piyush Kumar, Co-founders of PlatinumRx, expressed their excitement about partnering with IndiaQuotient. They emphasized that the venture capital firm aligns with their mission to democratize the process of purchasing medicine for Indians.

Statement from the Investor

Commenting on the development, Gagan Goyal, India Quotient, highlighted the current health trends and the financial burden they impose.

“With rising diabetes and blood pressure-related ailments, coupled with soaring monthly medicine expenses, cost reduction for all chronic illnesses without compromising efficacy is crucial. We believe scaling correct awareness would reveal a vast Total Addressable Market (TAM) ready to be tapped.”

With the funds raised, the startup aims to extend its reach to more patients in need of affordable, high-quality medications.

Presently, the startup claims to cover more than 20,000 pin codes, delivering within two to three days, and offers same-day delivery in Bengaluru. Furthermore, PlatinumRx has formed partnerships with several old age homes and rehab centers in Bengaluru, aiming to significantly reduce medical expenses for patients.

As per reports, 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.

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