Former iGate CEO Phaneesh Murthy’s new online pharmacy marketplace – PM Health and Life Care is looking to raise $10 million from a clutch of investors. As per a TOI report, Murthy’s venture capital firm, PM Ventures will invest $2 million in the startup.Other investors include Tiger Ramesh and Ramesh Mengawade, who have invested $1 million in the venture.
The online pharmacy marketplace will make its debut in September this year, and will deliver drugs across 10 cities initially within committed delivery timelines. Former iGate marketing head Hemant Bhardawaj will be the CEO and Anil Bajpai, who was SVP and head of iTOPS delivery at iGate, will be the CTO.
“The Indian pharmaceutical market is estimated to touch $56 billion by 2020. There is no trusted healthcare brand in the online pharmacy space. Buying medicines online is a different culture altogether. There is great scope as consumers are increasingly shopping online,” said Murthy, who will be the chairman of the new venture.
Previously, a US private equity group Mount Kellett Capital Management had lead a $90 million investment in MedPlus Health Services. In November 2014, pharmacy retail chain Religare Wellness went online to compete with healthcare portals like Healthkart and the likes.