MedPlus Listed

MedPlus's founding vision centers on trust and value by cutting out inefficiencies in the pharma supply chain using technology.

MedPlus segments retail customers by need: those buying medicines for chronic, long-duration conditions are price-sensitive and have larger average order values, so MedPlus targets this group with deeper discounts.

A second segment buys medicines for one-off, urgent (acute) needs, prioritizes speed and convenience over price, and has lower average order value, so MedPlus offers this group comparatively lower discounts.

MedPlus also runs pharmacy counters located inside hospitals, a distinct customer segment carved out from its standard discount rules for standalone retail and online stores.

MedPlus sells tiered 1-year and 3-year individual/couple/family membership plans that build a recurring relationship by bundling free-value diagnostic tests with ongoing discounts on diagnostics and doctor consultations.

Customers can self-serve by placing an order online through the website or app and either getting it delivered or picking it up at a preferred nearby store, without needing a store visit or an agent.

Alongside self-service, customers can place an order by phone and have it delivered, giving a personal-assistance option for customers who prefer not to use the app or website.

Physical retail pharmacy network spanning 10 Indian states.

Operations span retail/wholesale pharmacy sale, private-label pharmaceutical and FMCG manufacturing, import/distribution, and diagnostic centers.

Large permanent full-time employee base across store operations and business functions.

MedPlus partnered with SBI so prospective franchise owners can access loans covering most of their store investment with reduced collateral, lowering the barrier to opening a MedPlus franchise store.

A small share of MedPlus stores are run by franchise partners rather than the company itself, extending the brand into more towns while MedPlus supplies inventory, systems and training support.

MedPlus is increasing the share of inventory it buys directly from pharmaceutical manufacturers or their carry-forward agents rather than through intermediary distributors, to improve margins.

The core revenue stream is retail sale of branded pharmaceutical products alongside MedPlus's own private-label medicines, which carry higher margins.

MedPlus earns revenue from lab and diagnostic testing services, a segment growing faster than the core pharmacy business and carrying a much higher EBITDA margin.

MedPlus generates wholesale revenue by supplying inventory to its franchisee-operated stores and other B2B buyers, separate from its own company-operated retail sales.

Subscription fees from the MedPlus Advantage health-membership plans form a distinct, recurring revenue line alongside product sales.

MedPlus frames its cost base around four levers: cost-efficient procurement, efficient infrastructure management, technology-driven operations, and economies of scale from its large store network.

Shop-level expenses, especially salaries, have been growing faster than revenue, driven by minimum-wage increases in MedPlus's key markets.

MedPlus's largest cost is inventory procurement; its gross margin has been compressed by shifts in product mix and by the growing, lower-margin franchisee business.