Bengaluru-based healthtech startup PlatinumRx has raised INR 57 Cr in its Series A round led by Stellaris Venture Partners, with participation from existing investor India Quotient. PlatinumRx Series A funds will fuel expansion of fulfilment centres (or “dark stores”), strengthen its supply chain, and support the build-out of its product, technology, and brand teams.
Aiming to Disrupt India’s Branded Generics Market
Founded in 2023 by Ashutosh Pandey and Piyush Kumar, PlatinumRx is positioning itself as a challenger to India’s entrenched branded generics ecosystem. While most chronic care patients in India rely on branded versions of off-patent drugs, often paying 5–6 times the base cost, PlatinumRx sources directly from pharmaceutical companies and offers vetted substitutes with the same salt composition, dosage, and efficacy.
This strategy, backed by a strict multi-layer quality check, allows patients to save between 50–60% on their monthly medicine bills, which for many chronic patients range from INR 2,000 to 5,000. As Pandey noted, “India is the largest exporter of generics in the world, yet our own patients still 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 ,200,000 patients across 20,000 pincodes, with one-day delivery in metros and three to five days in non-metro regions. Currently, the company operates fulfilment centres in Bengaluru and Delhi, with plans to add five more centres over the next 12–18 months.
The founders aim to serve over one million customers within the next year, leveraging AI-driven personalisation, enhanced sourcing efficiencies, and stronger logistics. Customer adoption is concentrated in states like Uttar Pradesh, Maharashtra, Karnataka, Delhi, and West Bengal, which account for 60% of the base. Notably, around 60% of customers come from metros and Tier-1 cities, signalling strong early traction among urban chronic care patients.
Investor Perspective
For Stellaris Venture Partners, which manages over $600 million across three funds and has previously backed consumer brands like Mamaearth, PlatinumRx represents a play at the intersection of healthcare affordability and distribution.
“The chronic disease burden in India is rising, and so is the cost of medication,” said Naman Lahoty, Partner at Stellaris Venture Partners. “PlatinumRx has taken a sharp positioning—focusing exclusively on high-quality generic substitutes, unlike most players who sell all categories of medicines. That counter-positioning gives them a distinct edge. The biggest gap in generics today is trust, and PlatinumRx is addressing this head-on.”
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Competitive Landscape
PlatinumRx operates in a highly contested e-pharmacy space, where incumbents like Tata 1mg, PharmEasy, Netmeds, and Apollo 24/7 already dominate. At the same time, quick commerce platforms such as Zepto, Blinkit, and Instamart are entering with 10-minute medicine delivery offerings.
The company also competes with fellow healthtech disruptors like Truemeds, which recently raised $85 million in a round led by Accel and Peak XV Partners. Yet, PlatinumRx’s laser focus on chronic care patients and substitutes-only model sets it apart from the broad catalogues of its rivals.
The Road Ahead
By doubling down on fulfilment infrastructure, expanding into new geographies, and reinforcing patient trust in substitutes, PlatinumRx is betting on a shift in consumer behaviour. If successful, it could carve out a distinct niche in India’s fast-growing e-pharmacy market, projected to expand at double-digit growth rates annually.
As India grapples with rising chronic disease prevalence and ballooning healthcare costs, PlatinumRx’s model offers a potentially transformative path: breaking the branded generics cartel with transparent, affordable, and trusted alternatives.