Healthcare startup PlatinumRx raises $800K led by India Quotient, angels

Healthcare startup PlatinumRx raised $800,000 in seed funding led by IndiaQuotient, with participation from prominent angel investors.

According to the startup, The raised capital will be used to enhance its warehousing and distribution network.It aims to extend its presence across India and is planning to increase its product offerings. 

What does PlatinumRx do?

Founded by Ashutosh Pandey and Piyush Kumar, PlatinumRx is aimed at making essential medications accessible and affordable for patients with chronic conditions. The startup curates substitutes from top brands, ensuring that patients receive medication with the same salt, strength, and effectiveness.

PlatinumRx operational footprint

PlatinumRx claims that it delivers to more than 20,000 pin codes within 2-3 days. It also offers same-day delivery in Bengaluru. Furthermore, the startup has forged partnerships with multiple old age homes and rehab centres to enhance its outreach and impact within the community.

“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% 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,” said Ashutosh Pandey and Piyush Kumar, Co-founders of PlatinumRx.

What IndiaQuotient said about PlatinumRx?

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. We believe scaling correct awareness would reveal a vast Total Addressable Market (TAM) ready to be tapped.”