PharmEasy success story
When PharmEasy founded by two young entrepreneurs Dhaval Shah and Dharmil Sheth in 2015, it was just another startup among the many trying to make a mark in India’s burgeoning eCommerce industry. But within a few years, it had become the largest online pharmacy in the country.
What is their secret? How did they manage to grow so quickly and become such a dominant player in such a fiercely competitive market?
In this startup story, we will take a look at PharmEasy’s growth story and see what lessons we can learn from it.
Here, we will take a look at the PharmEasy story – how it started as a small startup and eventually became the largest online pharmacy in India.
We will explore the various factors that led to its success, and discuss some of the challenges that it faced along the way. This is an interesting story that provides valuable insights into the world of eCommerce startups.
How PharmEasy Became India’s Leading Online Pharmacy
PharmEasy’s journey began in Mumbai, where the company was founded by Dhaval Shah and Dharmil Sheth.
The two entrepreneurs had a shared vision of creating an online platform that would make it easier for people to order medicines online.
They started small, with just a handful of employees and a limited budget. But they were quickly able to attract attention and investment from some of India’s top VC firms.
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One of the key things that set PharmEasy apart is its focus on customer convenience. They offer free home delivery, cash on delivery, and discounts of up to 30% on medicines.
They also have a wide network of partner pharmacies across India, which ensures that customers can get their medicines delivered to them within 24 hours.
This focus on convenience and customer service has helped PharmEasy to grow rapidly. In just four years, they have managed to acquire over a million customers.
They are now present in over 1000 cities across India and have a team of 3000 employees. And their growth doesn’t seem to be slowing down anytime soon.
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PharmEasy became the first Indian e-pharmacy to enter the coveted unicorn club in April this year, when it raised nearly $350 million in a funding round led by TPG Growth and Prosus Ventures.
This was followed by an unprecedented surge in demand during the pandemic that helped double its business almost overnight.
Today its B2B pharma distribution business connects approximately 100,000 retailers to 4,500 distributors through its technology platform.
In 2019, PharmEasy merged with its investor arm, Ascent Health, to form API Holdings, bringing in three new co-founders: Siddharth Shah, Hardik Dedhia, and Harsh Parekh.
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The company, which is valued at $1.5 billion, is also expanding its diagnostics business, which has grown 20 times over the past 18 months.
By next year, PharmEasy—which recently acquired its smaller rival Medlife—expects to be among the top three diagnostics players in the country.
However, its online pharmacy business has been merged with Reliance Retail Ventures Netmeds and 1mg.
So what can we learn from PharmEasy’s success story? First, it is possible to build a successful business by solving a problem that people face in their everyday lives.
Second, even in a fiercely competitive market, there is always room for businesses that offer better value and convenience to their customers.
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Third, once you find your niche, it is important to focus on scaling quickly and expanding into new markets.
If you are an entrepreneur with a great idea, then take inspiration from PharmEasy and go out there and make your dream a reality. Who knows, maybe in a few years you will be telling your own success story.
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What do you think is the biggest lesson we can learn from PharmEasy? Let us know. And don’t forget to check out our other articles on inspiring startups in India at SugerMint. Thank you for reading!