Online pharmacy PlatinumRx raises $6 million in round led by Stellaris Venture Partners

Bengaluru-based online pharmacy PlatinumRx has raised $6 million in a funding round led by Stellaris Venture Partners with participation from existing investor India Quotient.

The platform helps customers find substitute brands for affordable medicines. It plans to use the fresh capital to scale operations, add new fulfilment centres and expand the product and tech teams.

“India has a very unique problem where doctors write a very specific name of the medicine brand on the prescription. So, the idea was to figure out where people can buy the same medicine from a different brand, and our job is to ensure the quality of the medicine is maintained,” said Ashutosh Pandey, cofounder of PlatinumRx.


According to Pandey, middle-income chronic patients in India often spend Rs 2,000 to Rs 5,000 every month on their medicine bills for lifelong treatment.

PlatinumRx sources the medicines from large pharmaceutical companies directly and claims to help patients save 50-60% on their purchases. It has two fulfilment centres in Bengaluru and Delhi and plans to add five more in the next 12-18 months.

“Over the next 12–18 months, we aim to serve over a million customers by expanding our reach with five new fulfilment centres, enhancing the customer experience through AI-driven personalisation, and strengthening sourcing efficiencies to deliver even greater value,” said Piyush Kumar, cofounder, PlatinumRx. In April 2024, the platform had raised $800,000 in a funding round.

Since its launch, the platform has served over two lakh patients, delivering medicines across 20,000 pin codes. It currently offers one-day delivery in metros and 3-5-day delivery in non-metro cities, with plans to add more fulfilment centres to bring down the delivery time.

“The chronic disease burden in India is rising, and so is the cost of medication. With growing awareness and adoption of affordable substitutes among chronic patients, PlatinumRx has a massive opportunity ahead,” said Naman Lahoty, partner, Stellaris Venture Partners.

Last month, telehealth platform Truemeds, which also focusses on recommending value alternative brands to patients, secured $85 million in a funding round led by Accel and Peak XV Partners. It has raised $135 million to date and is valued at over $400 million.

In the e-pharmacy space, these platforms compete with companies including Tata 1mg, PharmEasy, Netmeds, and Apollo.