Flipkart to acquire majority stakes in SastaSundar
By MYBRANDBOOK
Flipkart Group's newly-created entity Flipkart Health Pvt Ltd has agreed to acquire a majority stake in online pharmacy and digital health platform SastaSundar.com, owned and operated by SastaSundar Marketplace Ltd.
The new entity will start by offering e-pharmacy services and add new healthcare verticals, such as e-diagnostics and e-consultation. SastaSundar.com currently offers a digital healthcare and pharmacy platform, and has a network of 490 pharmacies.
Ravi Kant Sharma, Founder and Chief Executive of SastaSundar, said the startup’s majority stake acquisition to Flipkart will accelerate the younger firm’s mission to “provide affordable healthcare to all Indians in a convenient manner.”
SastaSundar was valued at $125 million and raised Rs 100 crore from Mitsubishi Corporation in its last funding round.
Ravi Iyer, Senior Vice President and Head of Corporate Development at Flipkart, said, “We are excited to enter this space through this investment in SastaSundar.com, a company that has established itself as a trusted partner for lakhs of consumers through genuine products, a technology-powered platform and a wide network. The synergies between the Flipkart Group and SatsaSundar.com, combined with our commitment to prioritize our customer’s needs, will help us grow and transform online healthcare in India.”
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