Madhukar Gangadi, founder and CEO of one of largest retail pharmacy chains in the country MedPlus, has launched BatchTag — an online platform to sell a range of products at factory prices.
BatchTag, the online version of factory outlet, will start accepting customer bookings from March 1. The portal claims to save your money by 40-80 per cent on market operating prices. It’s initial category of products, including those under the company’s private brands, also comprise leather portfolio bags, wallets, and backpacks.
Besides, the company plans to add air-conditioners, televisions, refrigerators, washing machines and other appliances to the product line in the coming months.
BatchTag has collaborated with leading Original Equipment Manufacturers (OEMs) in the industry to launch its first line of products such as Superhouse Group for leather goods, Natuzzi for leather sofa sets, Kitco Ceramics for tiles and other leading leather goods; and carpet manufacturers from Kanpur and Bhadohi in Uttar Pradesh.
According to Gangadi, all the layers between the manufacturer and the consumer can be removed delivering enormous efficiency to the process.
So far, the company has invested Rs 15 crore in the portal. The firm is planning to raise Rs 100 crore funds, starting with Rs 50 crore initially, which will go into business development. It aims to achieve a turnover of Rs 25 crore per month.
Gangadi’s journey with MedPlus
MedPlus was founded by Gangadi, which opened its first pharmacy store in February 2006 in Hyderabad. It has a footprint in more than 150 cities and claims to serve 250,000 customers on a daily basis through its 1,400 pharmacy and general stores.
In MedPlus, Gangadi holds a majority stake of 90 per cent after buyout of stakes from its existing investors — US-based Mount Kellett Capital Management LP, TVS Capital Funds, and Ajay Piramal’s India Venture Advisors.
Last month, the Hyderabad-based firm had raised around $115 million in debt financing from Goldman Sachs to buy out existing private equity investors.
Besides the pharmacy chain, it also runs businesses such as diagnostics chain MedPlus Pathlabs; RiteCure, a distributor of medical and surgical supplies to hospitals; MedPlusMart.com, an online medical store; and MedPlusLens, an optical store. Most of them are co-located with the pharmaceuticals stores.
The firm claims to be profitable and has a turnover of over Rs 2,000 crore. Notably, it is also planning to go public in the next 12 months.
The development was reported by The Hindu.