PlatinumRx, a Bengaluru-based online pharmacy startup, is negotiating a $32 million funding round led by Sofina Ventures, a Belgium-based investment firm. According to Inc42, the proposed deal values the company between $150 million and $200 million. This potential valuation marks a substantial increase from previous financing rounds, reflecting investor interest in specialized healthcare models. The startup was established in 2023 by Ashutosh Pandey and Piyush Kumar, who built a platform that recommends substitute medicines with identical compositions to branded drugs. These alternatives are sourced directly from pharmaceutical manufacturers to reduce costs for consumers. The company states it has assisted more than one million users, a figure cited in a document excerpt reported by Inc42.
The new investment will support the expansion of fulfillment centers and the enhancement of supply chain efficiencies. PlatinumRx previously secured $6 million in a Series A round in September 2025, backed by Stellaris Venture Partners and India Quotient. An earlier seed investment of approximately $800,000 was also led by India Quotient in April 2024. The capital raised in 2025 helped strengthen the company’s technology teams and sourcing capabilities. The current discussions are still ongoing, and final terms remain subject to change. Inc42 reported that requests for comment from PlatinumRx and Sofina Ventures did not yield a response at the time of publication.
The online pharmacy sector continues to draw significant capital as investors seek differentiated healthcare solutions. Inc42 noted that broadly, the online pharmacy segment has continued to attract sizable investments. Competitors such as Plazza recently raised $15 million for a quick-commerce delivery model, while Truemeds secured $85 million last year. PlatinumRx’s proposed funding positions it to compete more effectively in this growing market by focusing on affordability. The startup aims to improve access to lower-cost options for recurring and chronic medication requirements. If the deal is finalized, it will provide the necessary resources to scale operations across India’s digital pharmacy landscape.