MedPlus Health Services Pvt Ltd, India’s second largest pharmacy retail chain, announces that they are planning to raise $50-75 million in the next two months. The money will help the company finance its plans to open 10,000 outlets across the country in three to four years. Hyderabad-based MedPlus currently has 1,244 pharmacy retail stores in 12 states and is expected to end the year with sales of Rs.1,400 crore. The fund-raising will be in addition to the secondary stake sale by its existing investors. The company plans to double the number of stores in the firm’s traditional strongholds of Hyderabad, Bengaluru and Chennai, and enter Gujarat, Punjab, parts of Uttar Pradesh, Bihar and Haryana. Medplus has 200 stores each in Hyderabad, Bengaluru and Chennai. Signage majors engaging in in-shop designs, displays and related activities can tap some good projects with the mega store expansion plan of MedPlus.
