With the acquisition, Flipkart aims to expand into healthcare and launch e-pharmacy, e-diagnostic, and e-consultation services. Here are the top-line bullets you need to know.
WHO ARE THE PARTIES TO THE DEAL?
- SastaSundar: India-based SastaSundar is a digital pharmacy that provides patients with prescription medication and free home delivery services. The startup is supported by a network of 490+ pharmacies across India. It uses AI and data analytics to provide personal counseling through its portal. The company reported net sales of $212K in Q2’FY22, up 12.3% year-over-year.
- Flipkart: Bangalore-based Flipkart is an e-commerce portal owned by Walmart. Flipkart’s platform offers miscellaneous products, including cellphones, electronics, home furnishings, and books. The startup is supported by a team of over 16,000 full-time employees. The company generated an estimated $4.62B in FY20.
WHY DOES THE MARKET MATTER?
- The global e-pharmacy market is projected to reach a value of $38B by 2027, growing at a CAGR of 16%, according to FutureWise Research.
- The increased use of digital devices and technological advancement have led to the adoption of online doctor consultations and digital prescriptions, both of which have contributed to market growth.
- Covid-19-induced travel restrictions and social distancing regulations have increased consumer dependency on digital transactions, which has boosted demand for e-pharmacy solutions.