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HomeStartupsOn-line Pharmacy Medlife Luggage $6.eight Mn In Debt

On-line Pharmacy Medlife Luggage $6.eight Mn In Debt

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Earlier this month, Medlife raised $23.6 Mn in a mixture of debt and desire shares

PharaEasy and Medlife have sought CCI’s nod on their merger, which can kind a $1 Bn entity

Reliance and Amazon have entered the epharmacies area as nicely

Bengaluru-based on-line pharmacy Medlife has raised $6.eight Mn in debt from Ivy Icon Options.

In response to the Ministry of Company Affairs filings accessed by Inc42, Medlife’s guardian firm Medlife Worldwide Personal Restricted has allotted 50 compulsorily convertible debentures (CCD) at a nominal quantity of INR 1 Cr per debenture, main as much as INR 50 Cr. The corporate has not introduced using the capital within the regulatory filings.

Earlier this month, the healthtech startup raised $23.6 Mn or INR 173 Cr in a mixture of debt and desire shares from SC Credit score Fund and Prasid Uno Household Belief. In response to filings with the Ministry of Company Affairs accessed by Inc42, Medlife allotted 50 NCDs at a nominal quantity of INR 10,00,000 per share amounting to a complete of INR 5 Cr to SC Credit score Fund.

The infusion from Prasid Uno Household Belief got here in two tranches. Medlife allotted 1,25,270 Optionally Convertible Redeemable Desire Shares (OCPRS) at a nominal quantity of INR 100 per share and a premium of INR 11,754 per share to Prasid Uno Household Belief. This aggregated to 148,49,50,580.

In February, the web pharmacy had allotted 16,871 OCPRS at a nominal quantity of INR 100 per share and a premium of 11,754 to Prasid Uno Household Belief, aggregating to INR 19,99,88,824. Prasid Uno Household Belief has infused INR 167 Cr ($22 Mn) within the firm.

The event comes as Medlife is planning to get a much bigger share of the web medication supply section by planning a merger with rival PharmEasy. The duo has additionally sought the approval of the Competitors Fee of India (CCI) on the merger.

The businesses, within the paperwork submitted to CCI, famous that Medlife will promote 100% shares to PharmEasy’s guardian firm API Holdings. In return, it’ll get almost 19.59% possession within the mixed entity. Although different transactional particulars of the potential merger haven’t been revealed, media reviews counsel that it could lead on as much as $200 Mn to $250 Mn and will worth mixed entity at $1 Bn.

In the meantime, large enterprises like Reliance and Amazon have entered the area as nicely. Earlier this month, Amazon launched its epharmacy enterprise Amazon Pharmacy. The net pharmacy will likely be piloted in Bengaluru first and will likely be expanded to different cities later. In the meantime, Reliance Retail acquired Netmeds to develop its choices.

Even  rival Flipkart may additionally enter this area quickly. In response to an Financial Instances report citing sources, Flipkart might associate with PharmEasy to smoothen its entry into this section. The report additional famous that the 2 firms have held a number of rounds of discussions, and the potential for funding is open too. Nothing has been finalised but.



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