Online pharmacy Medlife has acquired India-based pharmaceutical e-commerce platform Myra for an undisclosed amount, handing an exit to media company Bennett, Coleman & Co (BCC), the Economic Times has reported.
Founded in 2014, Myra has built an online platform that sells and delivers prescription medicines to patients. Medlife plans to expand Myra’s express delivery service to 22 cities post-acquisition.
Venture capital firm Matrix Partners held a 32% stake in the company prior to the deal, while Times Internet, BCC’s internet services subsidiary, owned a $14% share. Both of investors have secured shares in Medlife through the deal.
Myra had raised a total of $10m in funding prior to the acquisition, having received an undisclosed amount in a funding round led by consulting and business development firm Dream Incubator in January 2018, according to ET.
The company added $1.8m in a March 2018 round led by Dream Incubator that included Times Internet and Matrix Partners. The trio supplied a further $1.2m in September 2018.
Times Internet and Matrix Partners co-led a September 2017 round sized between $7m and $8m which also featured angel investors Pranay Chulet, Prashant Malik, Vamsi Duvvuri and Pankaj Gupta.