India’s only listed pharma retailer wants to rev up growth by boosting its own-brand business. But will it be enough to overcome its mounting debt, slowing revenue growth and a stalled fundraise?
Gangadi Madhukar Reddy’s MedPlus Health Services finds itself at a crossroads today.
Over the past two decades, the Hyderabad-headquartered company has grown by leaps and bounds, becoming India’s second-largest pharmaceutical retail chain. Several milestones have dotted its journey: multiple funding rounds from well-known investors (including New York-based Warburg Pincus), a stellar listing at the bourses and an ambitious foray into the diagnostics business. Yet, ever since MedPlus went public in 2021, it hasn’t all been smooth sailing.
The expansion of the diagnostics venture has been mothballed, a vital qualified institutional placement (QIP) has been put on hold and the promoters’ …
Neethi covers healthcare and consumer retail at The Morning Context. Previously, she worked at Moneycontrol, where she wrote about pharmaceuticals and healthcare.
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neethi@mailtmc.com
Mumbai