Online pharmacy PlatinumRx raises $6 Mn led by Stellaris

Online pharmacy platform PlatinumRx has raised $6 million in a funding round led by Stellaris Venture Partners along with participation from existing investor India Quotient.

Prior to this, the Bengaluru-based company had raised $800K in a funding round.

The proceeds will be utilized to scale operations, add new fulfillment centres and expand the product and tech teams, PlatinumRx said in a press release.

Co-founded in 2023 by Ashutosh Pandey and Piyush Kumar, PlatinumRx operates as an online pharmacy and tele-consultation platform. It provides healthcare services by offering medicine substitutes with identical salt, strength, and effectiveness as top-branded medicines, aiming to make quality pharmaceuticals more accessible and affordable.

PlatinumRx offers a 4-layer quality check and provides flexible return policies for its products, which include chronic medications, vitamins, and supplements. The platform helps customers find substitute brands for affordable medicines.

The company sources the medicines from large pharmaceutical companies directly and claims to help patients save 50-60% on their purchases. It has two fulfilment centres in Bengaluru and Delhi and plans to add five more in the next 12-18 months.

“So, the idea was to figure out where people can buy the same medicine from a different brand, and our job is to ensure the quality of the medicine is maintained,” said Ashutosh Pandey, cofounder of PlatinumRx.

Since its launch, PlatinumRx claims to have served over two lakh patients, delivering medicines across 20,000 pin codes. It currently offers one-day delivery in metros and 3-5-day delivery in non-metro cities, with plans to add more fulfilment centres to bring down the delivery time.

It may compete directly or indirectly with the other notable players in this space such as  Tata 1mg, PharmEasy, Netmeds, and Apollo.