Flipkart Health+, as the new entity will be known, will leverage the Walmart Inc-controlled company’s pan-India network and SastaSundar’s healthtech expertise to provide consumers with access to quality and affordable healthcare – the first e-pharmacy and later through e-diagnostics. and e-consultation, according to a statement released on Friday.
While Flipkart did not comment on the size of the investment, Sasta Sundar told ET in May that it was valued at $100 million and was looking to raise fresh capital. Ajay Veer Yadav, Senior Vice President, Flipkart, will head the new business unit.
“With the growing awareness and focus on health from the pandemic, there is a huge opportunity and demand for affordable healthcare and ancillary offerings,” Ravi Iyer, Senior Vice President and Head of Corporate Development, Flipkart, said in a statement on Friday. “The synergy between the Flipkart Group and SastaSundar… will help us grow and transform online healthcare in India.”
The Flipkart-CheapSundar deal comes as the parent unit of API Holdings, India’s largest e-pharmacy. PharmEasy,
draft papers have been filed With the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of Rs 6,250 crore. The company in June
acquired Thyrocare Technologies to expand its HealthTech offerings to include Diagnostics. separately,
Tata Group has launched 1mg. has acquired And
Reliance Industries buys Netmeds to mark one’s effort in a field that has been observed
a pandemic-induced boom in the last 18 months. Flipkart’s rival Amazon India offers the drug delivery service in Bengaluru for now.
Founded in 2013 by BL Mittal and Ravi Kant Sharma, Sasta Sundar- backed by a network of over 490 offline pharmacies- provides affordable healthcare to its consumers by sourcing original products from authorized sources and distributing them nationwide. It uses AI and data analytics to provide personalized counseling through its platform.
Mittal said, “At SastaSundar, we are focused on developing innovative ways to provide easy and convenient access to affordable healthcare, building a trusted network for authentic medicines, diagnostics and wellness ” Through this partnership with Flipkart, we see an opportunity to grow further and reach a larger consumer base by using complementary technologies and logistics infrastructure.”