Ananth Narayanan is in talks to join e-pharmacy platform Medlife. As per a report, he has been in discussions with Medlife to take up the top job and build a team as they look to shore up external capital.
Medlife, which sells medicines online along with facilitating diagnostic tests and doctor consultation, is said to be in talks with SoftBank Vision Fund and pharma major Cipla for a funding round which is estimated at $100-150 Mn.
Until now the Bengaluru-based firm has been running on family funds, but now it is trying to raise some external funds. Earlier this year, the company acquired Bengaluru-based medicine-delivery startup Myra in an all-stock deal, indicating early signs of consolidation in India's crowded e-pharmacy sector.
The company founded by Tushar Kumar and Prashant Singh in 2014 has witnessed a growth in sales to nearly 700 crore in FY19. Now, the e-pharmacy is targeting 1,400-1,500 crore in the current fiscal. Medlife competes with the likes of 1MG, Netmeds and PharmEasy and seeks to put more efforts in expanding its market share.
Narayanan, an experienced working professional, brings in the knowledge and experience Medlife needs right now. Narayanan spent 15 years at McKinsey and worked across various geographies. Later he even led Myntra until 2015 when Walmart acquired the e-fashion retail platform.
The former Myntra-Jabong leader has been backing many startups like in Curefit, scooter rental startup Vogo, education platform Unacademy, among others. While the investment made by him in Medlife will help the firm enhance its capabilities further, Narayanan's leadership will enable the firm to put the money in the right direction. Stay tuned to know if Narayanan becomes the CEO of Medlife or not.