Bengaluru-based healthtech startup PlatinumRx has raised INR 52.86 Cr in its Series A round led by Stellaris Venture Partners, with participation from existing investor India Quotient. PlatinumRx Series A funds will be used to expand its fulfilment centres (or “dark stores“), strengthen its supply chain and build out its product, technology and brand teams.
Disrupting India’s Branded Generics Market
Founded in 2023 by Ashutosh Pandey and Piyush Kumar, PlatinumRx is a challenger to India’s established branded generics ecosystem. Most chronic care patients in India use branded versions of off-patent drugs, often paying 5-6 times the base cost. PlatinumRx sources directly from pharma companies and offers vetted substitutes with the same salt composition, dosage and efficacy.
This model, backed by a multi-layer quality check, helps patients save 50-60% on their monthly medicine bills, which for many chronic patients is INR 2,000 to 5,000. As Pandey says, “India is the largest exporter of generics in the world, yet our own patients overpay for off-patent drugs. Our vision is simple: help families access medicines at lower cost while maintaining top-notch quality.”
Growth and Scale
Since its launch in 2024, PlatinumRx has delivered medicines to over 2,00,000 patients across 20,000 pin codes, with one-day delivery in metros and three to five days in non-metros. The company currently has fulfilment centres in Bengaluru and Delhi and plans to add five more centres in the next 12-18 months.
The founders aim to serve over a million customers in the next year by leveraging AI-driven personalisation, sourcing efficiencies and stronger logistics. Customer adoption is concentrated in states like UP, Maharashtra, Karnataka, Delhi and West Bengal, which account for 60% of the base. Around 60% of customers are from metros and Tier 1 cities, indicating strong early traction among urban chronic care patients.
Investor Perspective
For Stellaris Venture Partners, which manages over USD 600 million (~INR 5,287 crore) across three funds and has backed consumer brands like Mamaearth, PlatinumRx is a play at the intersection of healthcare affordability and distribution.
“Chronic disease burden in India is increasing and so is the cost of medicine,” said Naman Lahoty, Partner at Stellaris Venture Partners. “PlatinumRx has taken a sharp positioning—focusing only on high-quality generic substitutes, unlike most players who sell all categories of medicines. That positioning gives them an edge. The biggest gap in generics today is trust and PlatinumRx is addressing this head-on.”
Competitive Landscape
PlatinumRx operates in a highly competitive e-pharmacy space where incumbents like Tata 1mg, PharmEasy, Netmeds and Apollo 24/7 already dominate. Quick commerce platforms like Zepto, Blinkit and Instamart are also entering with 10-minute medicine delivery.
The company also competes with healthtech disruptors like Truemeds, which recently raised USD 85 million (~INR 749 crore) in a round led by Accel and Peak XV Partners. But PlatinumRx’s focus on chronic care patients and its substitutes-only model sets it apart from the broad catalogues of its competitors.
The Future
By doubling down on fulfilment infrastructure, expanding into new geographies and reinforcing patient trust in substitutes, PlatinumRx is betting on a change in consumer behaviour. If they succeed, they can carve out a niche in India’s fast-growing e-pharmacy market, which is expected to grow at double-digit rates.
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