Hotline: 1800 102 2007
Hotline: 1800 102 2007
Sep, 19 2019

Pharmacy chain MedPlus looks to venture into Mumbai market

MedPlus is operating about 1,700 stores, of which, 100 of the stores are run through franchisee model.

Pharmacy chain MedPlus looks to venture into Mumbai market

MedPlus, India's second largest pharmacy retail chain, is looking at foraying into the Mumbai market. The pharmacy chain will add around 30-40 pharmacy stores in Mumbai. MedPlus already has a presence in Pune and Nagpur.

In April 2019, MedPlus raised had around Rs 200 crore from Wipro Chairman Azim Premji's family office PremjiInvest. The pharmacy chain is eyeing to open 100 stores every year.

MedPlus is operating about 1,700 stores, of which, 100 of the stores are run through franchisee model. The company has largely focused on south India till now.

Madhukar Gangadi, Founder and Chief Executive Officer, MedPlus, “In Mumbai, we will be setting up our own stores. Mumbai is a great market.”

The pharmacy chain is following a hub and spoke model, where it establishes a central warehouse, around which it puts up as many stores as possible.

“The pharmacy chain plans to end FY20 with Rs 2600 - Rs 2700 crores, we should have an EBITDA of Rs 70-75 crore. Around 17-18 percent of the overall business is generated through a digital platform. The low EBITDA margin is due to discounts they have to offer to retain business,” Gangadi stated.

He further added, “We are offering 20 percent flat discount for customers who are buying medicines of Rs 1000 and above at our stores.”

Want to invest in a pharmacy franchise? Visit Franchise India 2019, Asia’s Biggest Franchise & Retail Show, and give wings to your entrepreneurial dreams.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Generic Chemist is a brainchild of Justmed Pharmacy Pvt Ltd,..
    Locations looking for expansion Delhi
    Establishment year 2020
    Franchising Launch Date 2020
    Investment size Rs. 5lac - 10lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • WholesaleBox is a marketplace for wholesale buying and selling across..
    Locations looking for expansion Haryana
    Establishment year 2015
    Franchising Launch Date 2020
    Investment size Rs. 10000 - 50000
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Furniture/Home Decor & Furnishing
    Design Walls - One of the upcoming brands in Wallcoverings/..
    Locations looking for expansion Telangana
    Establishment year 2017
    Franchising Launch Date 2019
    Investment size Rs. 5lac - 10lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Hyderabad Telangana
  • Men's Footwear
    Established in 2003, Mr. Pronto is a Chennai-based brand engaged..
    Locations looking for expansion Tamil nadu
    Establishment year 2003
    Franchising Launch Date 2020
    Investment size Rs. 20lac - 30lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Chennai Tamil nadu
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities