PlatinumRx, a healthcare startup dedicated to enhancing access to essential medications for chronic patients, has secured $800,000 in seed funding. IndiaQuotient led the round, and notable angel investors participated.
Healthcare startup PlatinumRx has raised $800,000 in a seed round led by India Quotient, with participation from several prominent angel investors. The funding will bolster PlatinumRx’s warehousing and distribution network, expand its footprint nationwide, and diversify its product offerings, as announced in a recent press release by the company.
Founded by Ashutosh Pandey and Piyush Kumar, PlatinumRx aims to revolutionize the accessibility of essential medications for chronic patients. The company achieves this by curating and providing substitutes from leading brands such as Cipla, Abbott, and Alkem. PlatinumRx assists consumers in finding exact substitute medicines with identical salts, strengths, and effectiveness.
PlatinumRx boasts a robust delivery network, servicing over 20,000 pin codes within 2-3 days and offering same-day delivery in Bengaluru. Additionally, the startup has established partnerships with numerous nursing homes and rehabilitation centres across the electronic city.
Gagan Goyal, General Partner at India Quotient, emphasized the significance of cost reduction for chronic illnesses without compromising efficacy. He stated, “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.”
India Quotient, founded by Anand Lunia and Madhukar Sinha in 2012, recently launched its fourth fund, worth $80 million, in February 2021. The venture capital firm boasts a diverse portfolio, including companies such as WebEngage, Dhiwise, Vyapar, and Pagarbook.
PlatinumRx’s successful funding round signals a promising future for the startup as it continues to innovate and address the pressing needs of chronic patients in India’s healthcare landscape.
