PlatinumRx raises $800K funding led by IndiaQuotient

Healthcare startup PlatinumRx has raised $800,000 in a seed round from India Quotient, along with participation from several prominent angel investors.

PlatinumRx plans to utilize the funds to augment its warehousing and distribution network, enhancing its presence across the country and increasing its product offerings, the company said in a press release. 

Founded by Ashutosh Pandey and Piyush Kumar, PlatinumRx aims to redefine the way chronic patients access essential medications by curating and offering substitutes from top brands like Cipla, Abbott, Alkem, etc. PlatinumRx helps consumers find the exact substitute medicine having the same salt, same strength, and same effectiveness.

PlatinumRx delivers to more than 20,000 pincodes within 2-3 days and providing same-day delivery in Bengaluru. It has also partnered with multiple old age homes and rehab centers across the electronic city.

“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,” said Gagan Goyal, General Partner at India Quotient.

Launched by Anand Lunia and Madhukar Sinha in 2012, India Quotient launched its fourth fund worth $80 million in February 2021. Its portfolio companies include WebEngage, Dhiwise, Vyapar, Pagarbook, Fleetx, Powerplay, Brands.live, and GoComet among others.