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Flipkart buys majority stake in SastaSundar

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Sastasundar Ventures said that the Flipkart Group has signed definitive agreements to acquire a majority share in Sastasundar Marketplace, which owns and operates SastaSundar.com, an online pharmacy and digital healthcare platform.

The website focuses on providing consumers access to affordable and convenient healthcare and is supported by a network of more than 490 pharmacies. It aims to address the issues of access to affordable and quality healthcare in India by providing original products from authorized sources and delivering them across the country.

The Flipkart Group, India's homegrown consumer internet ecosystem, has announced its foray into the healthcare sector through the launch of Flipkart Health+.

Flipkart Health+ will leverage the combined strengths of the Flipkart Group, which includes its pan-India reach and technology capabilities, with SastaSundar's deep expertise to provide consumers end-to-end offerings in the health-tech ecosystem. It will endeavour to give millions of Indian consumers access to quality and affordable healthcare, starting with e-pharmacy and will add new healthcare services such as e-diagnostics and e-consultation over time.

B.L. Mittal, founder and chairman, SastaSundar Healthbuddy, said, At SastaSundar.com we are focused on developing innovative ways to provide access to affordable healthcare easily and conveniently, building a trusted network for authentic medicines, diagnostics and wellness.

Through this partnership with Flipkart, we see an opportunity to further grow and reach a larger consumer base, using complementary technologies and logistics infrastructure.

SastaSundar Ventures (SVL) is a listed online pharmacy and healthcare services-provider.

The company reported a consolidated net loss of Rs 4.54 crore in the quarter ended September 2021 as against net loss of Rs 2.23 crore during the previous quarter ended September 2020. Net sales rose 12.28% to Rs 158.91 crore in Q2 FY22 over Q2 FY21.

The scrip rose 2.48% to end at Rs 487.30 on the BSE on Thursday. The domestic stock market was shut on Friday on account of Guru Nanak Jayanti.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, November 20 2021. 09:59 IST
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