Ola banking on platform effect to grow, may enter medicine delivery

The company may be close to buying stake in Myra, an online medicine delivery service, according to a report

After venturing into the food delivery segment with the acquisition of FoodPanda in 2017, Ola is evaluating more service streams as it looks to broaden its offering. 

The cab-hailing firm is already working on launching grocery delivery on its platform, as Business Standard reported earlier, and is now reportedly moving to grab a pie of the nascent medicine delivery market through inorganic expansion. The company may be close to buying stake in Myra, an online medicine delivery service, Mint reported on Tuesday.

Myra mobile app was rolled out in 2013 by entrepreneurs Faizan Aziz and Anirudh Coontoor. It is backed by Matrix Partners, Times Internet and China-based Dream Incubator. An e-store for medicines, Myra also delivers beauty and grooming products and supplements.

Ola declined to comment through a spokesperson. Myra could not be reached immediately for comment.

With a country-wide delivery network as its biggest asset, Ola now wants to offer more services that draw synergy from its delivery network and tech systems. Ola recently inked a $100 million “deal” with scooter rental company Vogo for cross-selling. Last year, Ola acquired Ridlr, that manages mobile-based ticketing systems for public transport corporations, for an undisclosed amount.

Apart from delivery, Ola is expanding Ola Play, an in-cab entertainment and advertising system, and its native mobile payments service Ola Money.