Bengaluru-based e-pharmacy Myra has raised ₹8.75 crores ($1.2 million) in fresh funds in a round led by its existing investors Matrix Partners and Times Internet, as reported by TechCircle.
According to its sources, Tokyo-based Dream Incubator also participated in the round. After the fundraising, the e-pharmacy is valued at around ₹180 crores ($25 million).
Myra Medicines was founded by Anirudh Coontoor, former Software Engineer at Nokia, along with Faizan Aziz, former Chief Technology Officer at Dexetra. The startup provides an online platform for its customers to buy their medicines, along with other products like baby care, feminine hygiene, and oral care.
The products are delivered straight to the customers’ doorsteps with flexible payment options and easy 30 days return policy. The products can be ordered through its online platform, as well as the app available on both Android and iOS platforms.
As per TechCircle’s research, Myra’s operational revenue for the year 2016-17, reached ₹6.6 crores, compared to previous year’s ₹1.51 crores, marking a fourfold growth. Also, the gross expenses rose to ₹18.7 crores, compared to the previous year’s ₹2.8 crores. Its net loss grew to ₹7.43 crores from ₹1.68 crores, during the same period.
The online pharmacy Myra last raised ₹12 crores in a funding round led by Dream Incubator, along with participation from Times Internet and Matrix Partners, in March 2018.
Other players competing with Myra in the online pharmacy space are 1mg, NetMeds, PharmEasy, among others.
The online pharmacy space has witnessed a surge in investments lately with NetMeds raising ₹248 crores in series C funding earlier this month and PharmEasy securing ₹40 crores in debt funding from InnoVen Capital, a few days back.
Indian healthcare industry is expected to reach $275 billion in the coming 10 years, making it a highly lucrative industry for healthtech startups. Indian startups have already entered the industry, looking at the growth opportunity in the domain.