RPG Group invests in Rs 4 crore in e-pharmacy MedsOnWay

MUMBAI: RPG Ventures, the venture capitalist arm of RPG Group has invested $600,000 (about Rs. 4 crore) in MedsOnWay, a chronic focused e-pharmacy.
The investment is part of RPG Group’s strategy to use RPG Ventures to incubate and build new businesses.
Medsonway is clocking a 15% month on month growth in revenues and orders over the course of the year, RPG Ventures stated.At 250 orders per day and having served over 25,000 customers, Medsonway now sells more chronic medicines than leading pharmacy chains in the Pune market.
"Chronic medicines represent a Rs 30,000-crore market opportunity. With increasing incidence of lifestyle diseases in the country, this market is expected to maintain its growth rate and become the largest component the Indian pharma sector," stated RPG Ventures in a statement. "Subscription-based e-pharmacies are well positioned to cater to this growing market as the customer lifetime value for is high due to the long term nature of medication and high average order value."
RPG Ventures, earlier this year, invested $1 million in Seniority - an online portal that sells elderly care products to senior citizens. It is building a portfolio of startups around healthcare, cyber security, medical devices and artificial intelligence. It has invested $1 million each in some of these startups already.