85-115, the average deliver time for Metro cities is 18-36 hours, while the same for Tier 1 and Tier 2 cities is 48-72 hours, also
includes margins shared with retailer partner in hyperlocal delivery model.

Returns — Cost incurred for return orders, current returns stand at 15-20% of the orders are returned, incurring a cost of INR
180 in the return logistics, payment reprocessing and fulfilment cost. The main reasons for returns are delay in delivery, wrong
product etc.

Marketing Cost —includes the marketing and online promotion costs to acquire customers. Marketing cost is apportioned over
the repeat purchases made by the customer.

COMPARISON OF CERTAIN METRICS OF PLAYERS IN THE PHARMACEUTICAL RETAIL INDUSTRY

The table below sets forth certain metrics of us and our peers in the pharmaceutical retail industry as of the period/years
indicated:

 

 

 

 

 

 

 

 

Revenue from Operating Stores Operated
Operations EBITDA

CAGR between Financial Years 2019 to Financial Year Financial Financial

2021 2019 Year 2020 Year 2021
Apollo Pharmacy 20.20% 33.30% 3,428 3,766 4,118
MedPlus 16.20% 63.20% 1,653 1,775 2,081
Wellness Forever 16.80% 19.7%* 139 172 223
API Holdings N/A N/A N/A N/A N/A
Tata Img 23.70% N/A N/A N/A N/A
Netmeds N/A N/A N/A N/A N/A

 

 

 

 

 

 

 

 

Source: Primary Research, Secondary Research, Company filings, Technopak Analysis

Note: API Holdings operates Pharmeasy and Medlife among other businesses, Consolidated financials for API Holdings includes their retail, diagnostics, and
distribution business so like to like comparison may not be possible
* CAGR for Wellness Forever computed for FY 2019 to FY 2020 period as FY 2021 data was not available.

The table below sets forth certain metrics of us and our peers in the pharmaceutical retail industry as of the period/years
indicated:

STORE COUNT

As of March 31, 2021, MedPlus had 2,081 stores across India, and was the second largest pharmacy retailer after Apollo
Pharmacy. The table below sets out the number of stores operated by the top three pharmacy retailers in number of stores, as
of March 31, 2021, March 31, 2020, March 31, 2019 and March 31, 2018; the CAGR in store count between March 31, 2019
and March 31, 2021; and net store additions between March 31, 2019 and March 31, 2021.

 

 

 

 

 

Store Count as of CAGR Net Store
Additions
Coen oa (from March
Player March 31, March 31, March 31, March 31, 2019 to 31, 2019 to
2018 2019 2020 2021 March 31, -
2021) March 31,
2021)
Apollo Pharmac 3021 3428 3766 4118 9.6% 690
MedPlus 1488 1653 1775 2081 12.2% 428
Wellness Forever 107 139 172 223 26.7% 84

 

 

 

 

 

 

 

 

 

Source: Primary Research, Secondary Research, Company filings, Technopak Analysis

REGIONAL PRESENCE

Store Mix

The tables below set forth the store mix for key pharmacy retailers across different regions and cities in India (including metros
(also considers mini metros), Tier 1 cities, Tier 2 cities and Tier 3 cities) as on March 31, 2021.

138
