MedPlus to raise $70 mn for expansion

MedPlus to raise $70 mn for expansion
Highlights

MedPlus Healthcare Services, the city-based pharmacy retail chain, is looking to raise up to $70 million (about Rs 467 crore) to fund its future expansion plans. The company forayed into online clinical lab services by launching MedPlusLab.com in the city.

Launches online clinical lab services in Hyderabad

(From left) Dr Surendra Mantena, COO, and Madhukar Gangadi, CEO, MedPlus, addressing media in Hyderabad on ThursdayHyderabad: MedPlus Healthcare Services, the city-based pharmacy retail chain, is looking to raise up to $70 million (about Rs 467 crore) to fund its future expansion plans. The company forayed into online clinical lab services by launching MedPlusLab.com in the city.

"We are in the process of raising funds between $50 to 70 million to fund our expansion. We are talking to the investors and likely to close the deal by March 2016,” Madhukar Gangadi, CEO, MedPlus, told media here on Thursday.

The retail chain which currently operates over 1,300 medical stores across 150 cities will use a portion of the funds for expanding the network while some of the existing investors will also exit. Gangadi owns 20 per cent stake in the company.

According to the CEO, the company is adding 200 to 250 new stores annually. It also has presence in online sale of medicines through Medplussmart.com.

“Online sales account for 10 per cent of our total sales now and we expect this channel to contribute more in future,” Gangadi said. The company is drawing up plans to expand online sales pan-India from the current five cities.

Stating that there is a huge potential for online lab services, he said MedPlusLab.com will offer clinical laboratory services at affordable charges in the city. “We will soon expand these services to Bangalore and Chennai,” he added.

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