08 April 2024 – Bangalore-based healthtech startup PlatinumRx has successfully raised $800,000 in a seed funding round led by India Quotient, alongside participation from notable angel investors, as per a press release.
Mission to Improve Healthcare Access:
PlatinumRx aims to transform the accessibility and affordability of essential medicines, particularly for chronic patients, using innovative technology solutions.
The company plans to redefine how chronic patients access essential medications by curating best-value substitutes from renowned brands like Cipla, Abbott, Alkem, and more, making medicines more affordable through technology-driven strategies.
PlatinumRx’s substitution engine facilitates consumers in finding exact substitute medicines with identical salts, strengths, and effectiveness at significantly reduced costs, ensuring affordability without compromising quality.
Following the successful funding round, PlatinumRx intends to enhance its warehousing and distribution network, expand its national presence, and broaden its product offerings to reach more patients in need of affordable and high-quality medications.
Co-founders Ashutosh Pandey and Piyush Kumar expressed excitement about partnering with India Quotient, emphasizing the goal of democratizing medicine buying for Indian consumers and addressing limited awareness and access issues.
Investor’s Perspective:
Gagan Goyal from India Quotient highlighted the importance of cost reduction in chronic illnesses and praised PlatinumRx’s insights, foreseeing a substantial market potential awaiting exploration through scaled awareness efforts.
