The online pharmacy platform PlatinumRx has secured $6 million in a funding round headed by Stellaris Venture Partners, with contributions from existing investor India Quotient.

Before this, the company based in Bengaluru had secured $800K in a funding round.

The funds will be used to grow operations, establish additional fulfillment centers, and enhance the product and technology teams.

Established in 2023 by Ashutosh Pandey and Piyush Kumar, PlatinumRx functions as a tele-consultation platform and online pharmacy. It delivers healthcare solutions by providing medicine alternatives with the same active ingredient, potency, and efficacy as premium branded drugs, with the goal of making quality medications more reachable and cost-effective.

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PlatinumRx implements a 4-tier quality assurance system and offers adaptable return policies for its offerings, which consist of chronic medications, vitamins, and supplements. The platform assists clients in locating alternative brands for cost-effective medications.

The firm obtains the medications directly from major pharmaceutical corporations and asserts that it aids patients in saving 50-60% on their buys. It operates two fulfilment centres in Bengaluru and Delhi and intends to establish five additional ones within the next 12-18 months.

“The concept was to determine where individuals can purchase the same medication under a different brand, and our responsibility is to guarantee the medicine's quality is upheld,” stated Ashutosh Pandey, cofounder of PlatinumRx.

Since its inception, PlatinumRx asserts that it has catered to more than two lakh patients, providing medications to over 20,000 pin codes. It presently provides one-day delivery in metropolitan areas and 3-5-day delivery in non-metro locations, with intentions to increase fulfilment centres to reduce delivery duration.

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It might rival both directly and indirectly with other significant competitors in this sector like Tata 1mg, PharmEasy, Netmeds, and Apollo.