Medlife is close to raising Rs 400 crore in debt from its existing investor Prasid Uno Family Trust. BigBasket, in a separate development, has undertaken an internal restructuring exercise to merge its two core businesses to target deliveries under four hours.
Medlife raising debt from Prasid Uno Family Trust
Medlife, an omnichannel pharmacy platform headquartered in Bengaluru, is close to raising Rs 400 crore in debt from its existing investor Prasid Uno Family Trust, according to a report by Entrackr.
The company, that claims to be getting 20,000 orders a day, has also been in talks with Japan’s SoftBank and Cipla to garner $150 million.
Prasid Uno Trust is set to invest the amount with an option to convert into convertible redeemable preference shares, the report added revealing RoC filings.
This marks the second round of funding for Medlife from Prasid Uno Family Trust in less than six months.
BigBasket merges two core businesses
Bengaluru-based grocery delivery startup BigBasket, owned and managed by SuperMarket Grocery Supplies Pvt. Ltd, has undertaken an internal restructuring exercise to merge its two core businesses – its on-demand 90-minute delivery and planned next-day orders – per a report by The Economic Times.
The move will have help facilitate deliveries under four hours. Experts say this is especially pertinent in today’s age when there is immense competition from e-commerce players such as Amazon and Flipkart and food delivery company Swiggy – all of which have established their presence in the grocery segment.
Launched in 2011, BigBasket has over 10 million registered customers and has been processing over 1 Lakh orders per day across 25 cities across India.