MedPlus pauses ₹115cr concierge healthcare venture after investor concerns
MedPlus Health Services has hit pause on its ₹115 crore concierge health care venture after investors weren't too thrilled with the idea.
Managing Director and CEO Gangadi Madhukar Reddy shared on July 22 that the project is "temporarily on hold" while they head back to the board for more discussions, saying, "We are going back to the board. Temporarily we have put it on hold, but it will only be formalized after we go to the board and we'll discuss it."
MedPlus reevaluates 1st expansion beyond pharmacy
This was MedPlus's first big move beyond its usual pharmacy business, aimed at expanding into new markets and hoping for quick profits.
But with investors not buying in just yet, MedPlus is rethinking its strategy before making any next steps.
MedPlus opens 663 stores, shares down
Even with this setback, MedPlus has been busy, opening 663 new stores in the past year and now running 5,476 outlets as of June.
Still, their stock hasn't kept up and has dropped over 20% in a year, trading at ₹701.90 as of July 22.