Ola may invest in Bengaluru-based e-pharmacy startup Myra Medicine; mulls buyout

The investment is headed by common investor Matrix Patners—which has invested in Ola, too. The deal is expected to close by end-January

FP Staff January 09, 2019 11:23:17 IST
Ola may invest in Bengaluru-based e-pharmacy startup Myra Medicine; mulls buyout
  • If the deal gets through, it will pave the way for Ola's entry into the online medicine delivery field.

  • delivers medicines in Bengaluru and Mumbai within an hour of placing an order at a discount on the retail price

  • In 2017, Myra had raised an undisclosed Series A funding co-led by Matrix Partners and Times Internet, with participation from a few angels.

Cab-hailing platform Ola (ANI Technologies Pvt Ltd) is reportedly in talks to invest in Bengaluru-based Myra Medicines—medicine delivery startups. Media reports said that Ola could even acquire Myra.

If the deal goes through, it will pave the way for Ola's entry into the online medicine delivery field.

The investment is headed by common investor Matrix Patners—which has invested in Ola, too. The deal is expected to close by end-January, CNBC-TV18 reported.

Ola may invest in Bengalurubased epharmacy startup Myra Medicine mulls buyout

Representational image. AFP

Myra is an e-pharmacy founded by Faizan Aziz and Anirudh Coontoor. It delivers medicines in Bengaluru and Mumbai within an hour of placing an order at a discount on the retail price.

In 2017, Myra had raised an undisclosed Series A funding co-led by Matrix Partners and Times Internet, with participation from a few angels.

In late December 2018, Ola invested around $100 million in Vogo, a domestic scooter sharing start-up, and added the company’s fleet of two-wheelers to the Ola app to broaden the range of vehicles it offers.

Vogo, which provides services in the southern Indian cities of Bengaluru and Hyderabad, will use the money to expand its fleet by 100,000 scooters. It did not disclose how many scooters it currently has but said that more --than 100,000 users have commuted for over 20 million kilometers using its two-wheelers.

Early last year, Ola acquired Mumbai-based Ridlr, an end-to-end public transport ticketing and commuting app. Established in 2012, Ridlr enables users to search and book public transport options on mobile phones. Ridlr serves commuters in Mumbai and Delhi with partnerships with BEST, Delhi Metro, and Mumbai metro, along with pilots in many other cities.

--With PTI inputs

 

 

 

 

 

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