Exclusive: Sofina To Lead PlatinumRx’s $32 Mn Funding At $200 Mn Valuation

Online pharmacy startup PlatinumRx is in talks to raise around $32 Mn (over ₹300 Cr) in a funding round led by Belgium-based investment giant Sofina Ventures, as per sources familiar with the discussion. The proposed transaction is expected to value the Bengaluru-based startup somewhere in the range of $150-200 Mn (₹1,400-1,878 Cr). 

The proposed investment comes around a year after the startup raised $6 Mn in its Series A round. Stellaris Venture Partners and India Quotient backed the startup in its Series A round. The startup had previously raised around $800K in a seed round in April 2024, also led by India Quotient.

Inc42 has reached out to the aforementioned investors to understand whether they will participate in the round. 

The September 2025 round had helped the startup strengthen its supply chain, expand fulfilment capabilities and build its product and technology teams. It had also outlined plans to add five fulfilment centres and improve sourcing efficiencies to make affordable substitute medicines more accessible.

The discussions are understood to be ongoing, and the final terms of the transaction, including the valuation and investor participation, could change. Questions sent to PlatinumRx and Sofina Ventures didn’t elicit any response at the time of publishing the story.

If concluded, the funding round would mark a significant jump in PlatinumRx’s valuation and provide it with the fresh capital required to strengthen its presence in India’s online pharmacy market. 

Founded in 2023 by Ashutosh Pandey and Piyush Kumar, PlatinumRx operates an online pharmacy platform focused on helping consumers find affordable alternatives to prescribed medicines. 

The platform recommends substitute medicines with the same composition, allowing customers to access lower-cost options, particularly for recurring and chronic medication requirements. These medicines are sourced directly from pharmaceutical companies and offer alternatives with the same composition, addressing the price difference between branded medicines and their substitutes.

It claims to have served over 10 Lakh customers till date.

The proposed funding comes amid continued investor interest in specialised healthcare and pharmacy platforms. While quick commerce platforms are expanding into medicine delivery, online pharmacy startups are also attempting to build differentiated models around affordability, assortment and access.

Broadly, the online pharmacy segment has continued to attract sizable investments. Quick medicine delivery startup Plazza raised $15 Mn in a Series A funding round in July 2026, co-led by Accel, Elevation Capital and Nexus Venture Partners, with participation from existing investors All In Capital and Better Capital. 

The Bengaluru-based startup operates a pharmacy-first quick commerce model focused on 15-30 minute medicine deliveries. On the other hand, last year, Truemeds had raised $85 Mn in funding to scale generic medicine delivery.

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