PlatinumRx, a Bangalore-based healthcare start-up, has raised $800,000 in a seed round from India Quotient, along with participation from several angel investors.
The company aims to redefine the way chronic patients access essential medications by curating and offering best-value substitutes from top brands like Cipla, Abbott, Alkem, etc., the company said in a statement.
PlatinumRx’s substitution engine helps consumers find the exact substitute medicine having the same salt, same strength, and absolutely same effectiveness at a fraction of the cost.
The company plans to utilise the funds to augment its warehousing and distribution network, enhancing its presence across the country and increasing its product offerings. By expanding its footprint, the company aims to reach more patients in need of affordable and high-quality medications.
Talking about the funding, Ashutosh Pandey and Piyush Kumar, co-founders of PlatinumRx said, “India, known as the pharmacy of the world, leads in generic drug production and export. Despite this, domestic adoption of substitute medicines is less than 20 per cent due to limited awareness and access. We're thrilled to partner with IndiaQuotient, who deeply understand our business, offer invaluable insights, and share our goal of democratizing medicine buying for Indians"
Speaking about the capital infusion, India Quotient’s Gagan Goyal expressed excitement in supporting Ashutosh and Piyush's mission to democratise access to affordable branded substitute medicines in India. 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. The founders offer compelling insights, we believe scaling correct awareness would reveal a vast Total Addressable Market (TAM) ready to be tapped, he added.
PlatinumRx is delivering to 20,000 pincodes within 2-3 days and providing same-day delivery in Bangalore. The company has also partnered with multiple old age homes and rehab centers across Bangalore aiming to substantially decrease the medical expenses for the patients, it added in the statement.
