A young Bengaluru startup that helps Indians save money on medicines by recommending cheaper alternatives is set to raise a significant new round of funding, according to a report.
PlatinumRx, an online pharmacy, is in talks to raise about $32 million, or more than ₹300 crore, in a round led by Belgium-based Sofina Ventures, Inc42 reported on Thursday, November 12, citing people familiar with the discussions. The deal is expected to value the company at between $150 million and $200 million.
Discussions are ongoing, and the valuation and list of investors could change, according to Inc42. PlatinumRx and Sofina did not respond to Inc42's questions at the time of publication.
A rapid rise
PlatinumRx was founded in 2023 by Ashutosh Pandey and Piyush Kumar, according to Inc42. It raised a seed round of about $800,000 in April 2024, led by India Quotient, and a $6 million Series A in September 2025, backed by Stellaris Venture Partners and India Quotient.
The Series A was intended to strengthen the company's supply chain, expand fulfilment and build its product and technology teams, including five additional fulfilment centres. If the new round closes at the reported valuation, PlatinumRx's value will have risen sharply in just over a year.
The substitution model
PlatinumRx's business is built on a simple idea: many branded medicines in India have cheaper alternatives with exactly the same active ingredients and composition. The company recommends these lower-cost substitutes to customers, primarily for recurring and chronic medication needs, according to Inc42.
It sources medicines directly from pharmaceutical companies, which helps it keep costs down. The company says it has served more than 10 lakh (1 million) customers.
The model addresses a long-standing problem in India's healthcare system. Doctors often prescribe branded medicines, and patients may not know that cheaper versions with the same composition are available. The price differences between brands can be large, particularly for common drugs.
Why chronic care matters
Chronic conditions such as diabetes, hypertension, heart disease and thyroid disorders affect hundreds of millions of Indians and require long-term medication. For families, the cost of these medicines is a recurring monthly expense, often paid out of pocket, since health insurance in India typically does not cover outpatient medicines.
Saving even a portion of these costs can make a meaningful difference to household budgets, particularly for older people and families on lower incomes. Chronic care customers also tend to be loyal, ordering regularly, which makes them valuable for pharmacy businesses.
Sofina's healthcare bets
Sofina is a Brussels-based investment company controlled by the Boël family, with a long history of investing in growth-stage companies in India and elsewhere. It has backed Indian consumer and healthcare companies such as HealthKart, and has been an active investor in the Indian startup ecosystem.
A lead investment from Sofina would bring both capital and the credibility of an experienced international investor to PlatinumRx.
A competitive market
India's online pharmacy market is crowded. Rival Truemeds, which also promotes affordable substitute medicines, raised $85 million last year, and Plazza raised $15 million in a Series A in July 2026, co-led by Accel, Elevation Capital and Nexus Venture Partners, according to Inc42. Larger players include Tata 1mg, PharmEasy, Apollo 24/7 and Netmeds, owned by Reliance.
Quick-commerce companies have also begun delivering medicines, intensifying competition for customers who want fast delivery.
