Continuing its quest to diversify from its ecommerce business, Indian e-commerce giant Flipkart has acquired online pharmacy startup SastaSundar. The deal is a key step in Flipkart’s plan to enter the healthcare sector in India. SastaSundar provides affordable healthcare to consumers, with a network of more than 490 offline pharmacies and data analytics to offer personal counselling services. flipkart sastasundar health singhtechcrunch plans to use SastaSundar’s technology to launch a new healthcare vertical called Flipkart Health+, which will include an e-pharmacy and e-diagnostics offerings.
SastaSundar BL Mittal and Ravi Kant Sharma
SastaSundar, which was founded by BL Mittal and Ravi Kant Sharma in 2013, offers convenient and affordable healthcare to consumers. The company has seen a 50 per cent surge in demand for preventive medicines in tier-2 and tier-3 towns. It sources its products from authorised sources, and delivers them to consumers across India.
Flipkart’s plan to enter the health care sector comes at a time of consolidation and aggressive investments. It is looking to acquire a majority stake in the online pharmacy SastaSundar Marketplace. The transaction is expected to close in the next few weeks. The move will validate SastaSundar’s business model, which is aimed at providing affordable and convenient healthcare. The partnership will also help it reach a larger consumer base.
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The move comes a year after Flipkart acquired the Indian food delivery startup Swiggy, which was severely affected by the government’s decision to ban online food sales. The company plans to launch a health vertical called Flipkart Health+, which is expected to be launched in the coming weeks. The service will start with an e-pharmacy, and expand into e-diagnostics and e-consultation in the future. The health vertical is expected to leverage Flipkart’s pan-India network and expertise to provide end-to-end offerings.
Flipkart has also signed definitive agreements to acquire a majority stake in the online health insurance startup Payu. The partnership will also help SastaSundar expand its chain of physical service centers called Healthbuddies, which will help it offer a wider range of services. Earlier this month, API Holdings, the parent company of market-leading healthcare startup PharmEasy, filed draft papers with Sebi to launch an IPO worth around $843 million. However, the South Chemists and Distributors Association has asked the Securities and Exchange Board of India to reject the offer.
Flipkart’s partnership with SastaSundar
Flipkart’s partnership with SastaSundar will help it expand its online medicine sales business pan-India. SastaSundar sources products from authorized sources, and delivers them to consumers across India. The deal will also help it accelerate its mission to deliver affordable and convenient healthcare to the country. The company’s partnership with Flipkart will help it reach a larger consumer base and validate its business model. Flipkart’s Senior Vice President will lead the new business unit, which will leverage SastaSundar’s healthtech expertise.
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The deal will also help SastaSundar expand into the healthcare space, which is a growing segment of the Indian market. It is estimated that the country’s healthcare market is valued at over $37 billion as of 2022. SastaSundar is expected to expand its chain of physical counselling centers, and expand its e-healthcare offerings in the future.
