MedPlus looking at raising capital for fund expansion
The company is in talks to raise US$ 75-100 million.
Hyderabad, March 27, 2015: The Indian pharmacy chain MedPlus is in preliminary talks to raise US$ 75-100 million to develop its warehousing and supply chain infrastructure to serve new geographies. The company aims to expand its operations to around 50 cities via a mixed strategy of franchisee and company owned stores. The company currently has around 1,240 stores across the 12 cities in India.
The company plans to add around 10,000 stores in the next three to four years and will account for close to 25 per cent of the total pharma retail market in the country. The company plans to service around 200 stores from one warehouse.
It may be noted here that the company was started in 2006 and is expected to register Rs 1,430 crore in revenues for the financial year ending March 31, 2015.