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Tag: MedPlus

  • Indian pharmacy MedPlus new openings in Mumbai

    Indian pharmacy MedPlus new openings in Mumbai

    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.

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  • Warburg Pincus in $400m bid for MedPlus India

    Warburg Pincus in $400m bid for MedPlus India

    Private equity investor Warburg Pincus is making a bid of up to $400 million for the giant MedPlus India pharmacy chain.

    Nine year old MedPlus currently operates a network of 1200 retail stores in 12 states of India.

    Promoter Madhukar Gangadi, who together with his family owns 31 per cent of the company, wants to ramp up the brand’s rollout to a massive 10,000 stores by 2020.

    Warburg Pincus is one of several in a race to acquire 69 per cent of the business, according to The Economic Times newspaper. Its rivals include General Atlantic and Bain Capital.

    If the chain fetches the figures being broadly quoted – between $350 and $400 million – it would represent a 250 per cent profit on the original investment of the outgoing shareholders, US-based Mount Kellett Capital Management, TVS Capital Funds and Ajay Piramal’s India Venture Advisors.

    Investment bank Credit Suisse is leading the search for strategic buyers to help fund the store rollout.

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