Medplus Health Services Limited (“Medplus”) was incorporated on November 30, 2006. Medplus is the 2nd largest pharmacy retailer in India, in terms of (i) revenue from operations for the financial year 2021, and (ii) number of stores as of March 31, 2021. Medplus offers a wide range of products, including (i) pharmaceutical and wellness products, including medicines, vitamins, medical devices and test kits, and (ii) fast-moving consumer goods, such as home and personal care products, including toiletries, baby care products, soaps and detergents, and sanitizers.

As of June 31, 2021, the company has a strong pharmacy retail network of 2,165 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal, and Maharashtra. In fiscal 2021, its share of the organized pharmacy retail based on revenue from operations in Chennai, Bangalore, Hyderabad, and Kolkata reported at 30%, 29%, 30%, and 22% respectively. It follows a cluster-based approach for store network expansion wherein it first opens high store density in a populated residential area within a target market. The company’s warehouses are located in Bengaluru, Chennai, Hyderabad, Vijaywada, Kolkata, Pune, Bhubaneshwar, Mumbai, and Nagpur. Gangadi Madhukar Reddy, Lone Furrow Investments Pvt Ltd, and Agilemed Investments Pvt Ltd are the company promoters.

For year/ period ended ( in Cr.)

• It is the second largest pharmacy Retailer Company in India.
• Its strong brand name and customer value proposition.
• Pharmacy retail outlet network of 2000+ stores in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal, and Maharashtra.
• First pharmacy retailer to provide Omni-channel platform to customers.
• Highly qualified, experienced, and professional management team.

• Funding working capital requirement of a subsidiary, Optical and
• General corporate purposes.

Medplus Health Services Limited has priced IPO very aggressively. While the sustainability of such margins going forward raises concern, pricing of the IPO too appears risky. Hence, investors can consider with a long-term perspective.