India’s Online Pharmacy Medlife Raises INR 173 Cr

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India’s Online Pharmacy Medlife Raises INR 173 Cr

Bengaluru-based online pharmacy Medlife has raised a total of INR 173 Cr from various investors. Portions of the amount have been raised by allotting secured, redeemable, Non-Convertible Debentures (NCDs) as well as Optionally Convertible Redeemable Preference Shares (OCPRS). While INR 5 Cr has been raised in debt from SC Credit Fund, the remaining amount of over INR 167 Cr has been raised in two tranches from the Prasid Uno Family Trust.

According to filings with the Ministry of Corporate Affairs accessed by Inc42, Medlife, on July 3, allotted 50 NCDs, at a nominal amount of INR 10,00,000 per share, amounting to a total of INR 5 Cr, to SC Credit Fund.

In March, the company allotted 1,25,270 OCPRS at a nominal amount of INR 100 per share and a premium of INR 11,754 per share, aggregating to INR 148,49,50,580, to Prasid Uno Family Trust. Finally, in February, the company allotted 16,871 OCPRS at a nominal amount of INR 100 per share and a premium of 11,754, aggregating to INR 19,99,88,824, to Prasid Uno Family Trust.

Medlife was founded in 2014 by Tushar Kumar and Prashant Singh as an inventory-led epharmacy and helps doctors digitally manage and store patient records. However, it gradually diversified to online doctor consultations, wellness products and laboratory services.

Medlife founders Kumar and Singh are directly connected with one of the company’s major investors over the years, the Prasid Uno Family Trust. Kumar is director and trustee for Parsid Trust while Singh’s wife Surabhi Singh is also one of the directors.

On the other hand, the SC Credit Fund is owned by Samena Capital, a principal investment group focusing on the Subcontinent, Asia, the Middle East and North Africa.

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