Online pharmacy startup PlatinumRx, based in Bengaluru, secures $6 million in financing

PlatinumRx, an online pharmacy startup based in Bengaluru, India, has successfully raised $6 million in a Series A funding round. The funding round was led by Stellaris Venture Partners, with participation from existing investor India Quotient.

Founded in 2023 by Ashutosh Pandey and Piyush Kumar, PlatinumRx positions itself as a substitute medicine delivery service. The startup aims to help patients find lower-cost alternatives to their medications without compromising on quality.

Since its launch, PlatinumRx has served over 200,000 patients, many of whom are middle-income chronic care patients. These patients spend between Rs 2,000 and Rs 5,000 each month on lifelong treatments.

PlatinumRx currently has fulfillment centres in Bengaluru and Delhi, and serves customers across 20,000 pin codes. With the new funding, the startup plans to expand its operations and services in India. It also intends to add up to five new fulfillment centres over the next 12 to 18 months, with locations in Dallas, Texas; Atlanta, Georgia; Phoenix, Arizona; Charlotte, North Carolina; and Salt Lake City, Utah.

The expansion plans also include growing the product and technology teams. Co-founder Piyush Kumar aims to serve over a million customers within the next 12-18 months.

Ashutosh Pandey, co-founder of PlatinumRx, stated that the goal is to find where patients can buy the same medicine from a different brand, while maintaining the quality of the medicine. The startup helps customers save 50-60% on medicine bills by sourcing directly from large pharmaceutical companies.

Stellaris partner Naman Lahoty stated that PlatinumRx has a massive opportunity ahead due to the rising chronic disease burden in India and growing awareness of affordable substitutes among chronic patients. He expressed his confidence in the startup's ability to scale operations and make a significant impact in the healthcare industry.

PlatinumRx offers next-day delivery in metropolitan cities and three-to-five-day delivery elsewhere. With the expansion, it plans to continue providing swift and affordable medicine delivery services to its customers.