BookMeds invited to move into Malaysia
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Hyderabad-based startup BookMeds, which allows customers across India to order medicines online and have them delivered from their nearest pharmacy, may move into Malaysia.
Launched in December 2013, BookMeds is now the third-largest online pharmacy chain after Apollo and Medplus. With a presence across 18 cities, it serves more than 15,000 customers and 400-plus pharmacies.
Now BookMeds has been chosen by the Malaysian government’s Magic Accelerator program to explore entry into Malaysia.
“The pharma-retail model in Malaysia is similar to that of India, offering BookMeds a great opportunity,” says BookMeds founder/CEO Mohammed Abubakr.
Apart from finding workspace and accommodation, Magic provides advice on setting up a working model for Malaysia. “Initially, we will be targeting the urban population of Kuala Lumpur, then expand across Malaysia,” says Abubakr.
Meanwhile, BookMeds is in discussions with venture firms to raise $2 million for its continuing expansion across India, with more than 50 cities as targets. Previously, the company raised seed funding from Flipkart VP Ravi Krishnaswamy and Xtream IT CEO Javed Sikander, along with angel funding from Back Office Associates CEO Krish Datta.
Questions & Answers
Q.What is the primary reason for BookMeds considering expansion into Malaysia?
What is the primary reason for BookMeds considering expansion into Malaysia?
The Malaysian government’s Magic Accelerator program has selected BookMeds to explore entry into the country. The founder/CEO Mohammed Abubakr believes Malaysia's pharma-retail model is similar to India's, offering a significant opportunity for the company.
Q.What support will BookMeds receive from the Magic Accelerator program in Malaysia?
What support will BookMeds receive from the Magic Accelerator program in Malaysia?
The Magic Accelerator program will provide advice on establishing a working model for Malaysia. It will also assist BookMeds with finding suitable workspace and accommodation as they set up operations in the country.
Q.Which specific population group will BookMeds initially target upon entering the Malaysian market?
Which specific population group will BookMeds initially target upon entering the Malaysian market?
Initially, BookMeds plans to focus its services on the urban population within Kuala Lumpur. Following this initial phase, the company intends to gradually expand its operations and reach across wider areas of Malaysia.
Q.What are BookMeds' plans for expanding its operations within India?
What are BookMeds' plans for expanding its operations within India?
BookMeds is currently engaging with venture firms to secure $2 million in funding. This capital is intended to support the company's continued expansion efforts across India, targeting more than 50 additional cities.
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