Online health portal Medlife on 5th August stated that former Myntra-Jabong CEO Ananth Narayanan has entered the firm as its chief executive officer and co-founder. Narayanan, who has also spent an undisclosed investment value in Medlife, will be accountable for driving the next phase of maturity of the firm that is establishing its very first external charge of huge funding of USD 150 million. Narayana stated that “I chose to join Medlife because I feel technology can present a disruptive as well as extensive function in shaping the future healthcare sector simple, peculiar, and available to all Indians. Aside from that Medlife has an intriguing interaction in e-pharmacy, e-diagnostics, and e-consultancy which was very exciting for me.”
Narayanan is determined to be taking on the CEO role at Medlife and has also spent personal money in the firm controlled by the family following pharmaceutical significant Alkem Laboratories, experts privy to the community said. Narayanan will also join the firm’s Board of Directors of Medlife, which was established in November 2014 by Prashant Singh and Tushar Kumar.
Medlife has estimated its sales to clock Rs 1,000-crore revenue run rate. It currently runs across 4,000 cities and makes over thousands of deliveries daily. It runs its medicine distribution service through 40 attainment centers and three large local hubs in 22 cities. Besides, it has one national and five zonal laboratories, and over 350 phlebotomists to take reports and diagnostics to the patients’ residences.
Medlife, which retails medicines online onward with helping diagnostic examinations and doctor discussion, is currently in discussions with Soft-Bank Vision Fund and pharma major Cipla for a funding round which is valued at $100-150 million. “He (Narayanan) has been in discussions with Medlife to take up the top position and build an organization as they look to shore up external capital. Till now the Bengaluru-based company has operated only on family funds,” said a person privy to the talks. Narayanan, who was entitled to around $25 million as part of the Flipkart purchase by Walmart, may have earned around $10 million with rest of the amount assumed to come in tranches over the next year or more.