Healthtech startup PlatinumRx raises $800,000 in seed round
PlatinumRx, a Bangalore-based healthcare startup, has raised $800,000 in a seed round from India Quotient, along with participation from several prominent angel investors, the company said in a press release
image for illustrative purpose
Bengaluru, 8 April: PlatinumRx, a Bangalore-based healthcare startup, has raised $800,000 in a seed round from India Quotient, along with participation from several prominent angel investors, the company said in a press release.
The capital raised will be utilized by PlatinumRx to make essential medicines more affordable and accessible.
According to the company, it aims to redefine the way chronic patients access essential medications by curating and offering best-value substitutes from top brands like Cipla, Abbott, Alkem, and many more. The startup is trying to make medicines affordable by leveraging technology.
PlatinumRx’s substitution engine helps consumers find the exact substitute medicine having the same salt, same strength, and absolutely same effectiveness at a fraction of the cost.
Post this fund raise, the company plans to utilize the capital to augment its warehousing and distribution network, enhancing its presence across the country and increasing its product offerings. By expanding its footprint, the company aims to reach more patients in need of affordable and high-quality medications, the company said.
Commenting on the fund raise, Ashutosh Pandey and Piyush Kumar, Co-founders of PlatinumRx said, “India, known as the pharmacy of the world, leads in generic drug production and export. Despite this, domestic adoption of substitute medicines is less than 20 per cent due to limited awareness and access. We're thrilled to partner with IndiaQuotient, who deeply understand our business, offer invaluable insights, and share our goal of democratizing medicine buying for Indians."
India Quotient’s Gagan Goyal said, “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. The founders offer compelling insights, we believe scaling correct awareness would reveal a vast Total Addressable Market (TAM) ready to be tapped.”
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