Bengaluru-based online pharmacy startup PlatinumRx raises $6 million in funding

Bengaluru-based online pharmacy startup PlatinumRx has raised $6 million in a Series A funding round led by Stellaris Venture Partners, with participation from existing investor India Quotient. 

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PlatinumRx, founded in 2023 by Ashutosh Pandey and Piyush Kumar, positions itself as a substitute medicine delivery service, helping patients find lower-cost alternatives without compromising on quality.

The startup plans to use the capital to scale operations, add up to five new fulfillment centres over the next 12 to 18 months, and expand its product and technology teams.

“India has a very unique problem where doctors write a very specific name of the medicine brand on the prescription. 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.

“Over the next 12–18 months, we aim to serve over a million customers by expanding our reach with five new fulfilment centres, enhancing the customer experience through AI-driven personalisation, and strengthening sourcing efficiencies to deliver even greater value,” said Piyush Kumar.

PlatinumRx currently operates centres in Bengaluru and Delhi, fulfilling orders across 20,000 pin codes. It offers next-day delivery in metropolitan cities and three-to-five-day delivery elsewhere.

Since launch, it has served more than 200,000 patients, many of them middle-income chronic care patients who spend between Rs 2,000 and Rs 5,000 each month on lifelong treatments. By sourcing directly from large pharmaceutical companies, the startup said it helps customers save 50-60% on medicine bills.

“The chronic disease burden in India is rising, and so is the cost of medication. With growing awareness and adoption of affordable substitutes among chronic patients, PlatinumRx has a massive opportunity ahead,” said Stellaris partner Naman Lahoty.