Flipkart is acquiring online pharmacy company SastaSundar to join the healthcare category in India.
Flipkart To Acquire An Online Pharmacy Marketplace !
There is a confirmation from Flipkart about the definitive agreements to buy a majority stake in SastaSundar, but there is no official statement regarding the payment.
Research firm Tracxn specify that the startup works with almost 490 pharmacies and it raised $48.2 million in different phases previous to the present purchase. Flipkart Health+ is valued at more than $37 billion.
Scope Of E-pharmacies
SastaSundar aims to provide affordable healthcare to all Indians in a convenient manner !
Ravi Kant Sharma, founder and chief executive of SastaSundar, said Flipkart will accelerate the younger firm’s mission to “provide affordable healthcare to all Indians in a convenient manner.”
E-pharmacies today account for less than 5% of the pharma market and its “scope for growth is very high with increasing awareness, digital penetration and increasing comfort with the online transaction in other categories,” analysts at Bernstein said in a report earlier this year. “Even with low levels of penetration, there have been significant levels of consolidation with players exiting and M&A activity,” they added.
“The consumer internet ecosystem in India is growing rapidly as consumers recognize the opportunities and convenience that digital adoption is enabling in their lives. With growing awareness and focus on health heightened by the pandemic, there is a large opportunity and demand for affordable healthcare and ancillary offerings,”
Ravi Iyer, senior vice president and head of Corporate Development at Flipkart, in a statement.
“We are excited to enter this space through this investment in SastaSundar.com, a company that has established itself as a trusted partner for lakhs of consumers through genuine products, a technology-powered platform and a wide network. The synergies between the Flipkart Group and SatsaSundar.com, combined with our commitment to prioritizing our customer’s needs, will help us grow and transform online healthcare in India.”