Hyderabad-based startup BookMeds, which allows customers across India to order medicines online and have them delivered from their nearest pharmacy, may move into Malaysia.
Launched in December 2013, BookMeds is now the third-largest online pharmacy chain after Apollo and Medplus. With a presence across 18 cities, it serves more than 15,000 customers and 400-plus pharmacies.
Now BookMeds has been chosen by the Malaysian government’s Magic Accelerator program to explore entry into Malaysia.
“The pharma-retail model in Malaysia is similar to that of India, offering BookMeds a great opportunity,” says BookMeds founder/CEO Mohammed Abubakr.
Apart from finding workspace and accommodation, Magic provides advice on setting up a working model for Malaysia. “Initially, we will be targeting the urban population of Kuala Lumpur, then expand across Malaysia,” says Abubakr.
Meanwhile, BookMeds is in discussions with venture firms to raise $2 million for its continuing expansion across India, with more than 50 cities as targets. Previously, the company raised seed funding from Flipkart VP Ravi Krishnaswamy and Xtream IT CEO Javed Sikander, along with angel funding from Back Office Associates CEO Krish Datta.
