Indian pharmacy MedPlus new openings in Mumbai
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Indian pharmacy retail chain MedPlus is preparing to launch in Mumbai.
The firm, which already has around 1700 locations predominantly in South India, plans to open 100 stores annually in the new territory. A hundred of its current locations are run as franchises.
“In Mumbai, we will be setting up our own stores,” said MedPlus founder and CEO Madhukar Gangadi.
The brand’s stores are serviced by hub warehouses linked via digital technologies to optimise supply-chain management.
Department of Industrial Policy and Promotion data suggests that the Indian pharmacy retail sector is worth roughly US$18 billion, and should reach $50 billion by 2025. There are around 850,000 retail pharmacies in the country, only 6000 of which are structured pharmacy stores.
“The combined market share of the big four e-pharmacies isn’t more than 2.4 per cent,” said Gangadi, “and that is on top of basically losing money like crazy, because they don’t have any value proposition … Now they have started talking about omnichannel; we are already omnichannel.”
The firm raised around US$28.25 million from Wipro Chairman Azim Premji’s family office PremjiInvest last April.
Questions & Answers
Q.How many new MedPlus stores are planned for Mumbai each year?
How many new MedPlus stores are planned for Mumbai each year?
MedPlus plans to open 100 stores annually in Mumbai. This expansion marks their entry into a new territory for the pharmacy retail chain.
Q.What is MedPlus's ownership model for its new stores in Mumbai?
What is MedPlus's ownership model for its new stores in Mumbai?
MedPlus will be setting up its own stores in Mumbai. This differs from some of its current locations, where 100 stores are run as franchises.
Q.How large is the Indian pharmacy retail market expected to be by 2025?
How large is the Indian pharmacy retail market expected to be by 2025?
The Indian pharmacy retail sector is projected to reach US$50 billion by 2025. It is currently worth roughly US$18 billion, according to Department of Industrial Policy and Promotion data.
Q.Who invested in MedPlus recently and how much did they contribute?
Who invested in MedPlus recently and how much did they contribute?
PremjiInvest, Wipro Chairman Azim Premji's family office, invested approximately US$28.25 million in MedPlus. This funding was raised last April.
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