Driven by a mission, Health X bridges the gap in healthcare
The corporate evolution of Health X Platform Limited (formerly Sastasundar Ventures Limited) is a masterclass in healthcare strategy. While navigating the challenging market consolidation phase a few years ago, it first divested to a major e-commerce giant, only to pivot and reclaim its brand intellectual property as market dynamics shifted. The strategic approach of Banwari Lal Mittal, founder and executive chairman, took the market by surprise.
The Covid-19 lockdowns sparked massive adoption of e-pharmacy, but a wave of new entrants quickly flooded the market and forced widespread industry consolidation after 2020. Smaller, independent e-pharmacy start-ups found it increasingly difficult to compete in terms of pricing and reach against platforms backed by Tata and Reliance. In November 2021, Sastasundar Ventures divested a 75 per cent stake in its subsidiary, Sastasundar Marketplace Ltd, to Walmart-owned Flipkart for approximately Rs800 crore. The acquired entity was subsequently rebranded as Flipkart Health+ to mark the e-commerce giant’s entry into the online pharmacy and digital healthcare sector.
The association with Flipkart gave Sastasundar access to an extensive distribution network, large capital reserves and brand credibility. Sastasundar’s comprehensive pharmacy capabilities enabled it to deliver end-to-end healthcare offerings to consumers, making it an effective partnership. Progressively, the market began to stabilise. In 2025, the Flipkart-Sastasundar partnership ended. “It was Flipkart’s strategic corporate exit from the online healthcare and pharmacy sector. This decision aligned with a broader realignment of priorities by its parent company, Walmart,” says Mittal.
Four verticals
Sastasundar re-acquired its brand’s intellectual property rights (IPR) and non-compete clauses from Flipkart. Today, Health X Platform Limited (Health X) is the listed holding company operating the ecosystem of Sastasundar Health Buddy Limited (SHBL) as its subsidiary. SHBL has four business verticals: Sastasundar, a B2C platform; Retail Shakti, B2B; Jito; and Genu Path Lab. The digital healthcare firm serves patients through a single technology platform, with shared inventory and the backbone of its fulfilment centres. Japan’s Rohto Pharmaceutical and Mauritius-based Envision are also investors in SHBL.
Born into a middle-class family in a village in Rajasthan, Mittal completed his early schooling locally before moving to Calcutta to join his father, a small-scale textile trader. The duo lived in a cramped 200-sq-ft room in the bustling Burrabazar area. Mittal balanced his Chartered Accountancy studies with a part-time typist’s job at a private firm, earning just Rs1,800 per month. His hard work paid off, and in 1992 he secured a corporate role at Birla Corporation as Manager – Taxation and Finance.
Driven by a strong entrepreneurial ambition, Mittal eventually resigned from his stable, well-paid corporate job. In 2000, he took his first major business leap by founding Microsec Financial Services. While running this venture, he closely monitored the emerging e-pharmacy sector and recognised a massive opportunity to revolutionise public healthcare access.
In 2013, Mittal teamed up with his long-time associate, Ravi Kant Sharma, to establish Sastasundar Health Buddy Limited. The company was launched as a wholly owned subsidiary of the publicly listed entity Sastasundar Ventures. He firmly believed that an integrated digital platform was the key to delivering scalable healthcare solutions to the masses. “Our mission was always to provide genuine, affordable and high-quality healthcare products and services through a digital healthcare platform,” recalls the 57-year-old Mittal.
Today, Health X operates Sastasundar, which dominates the e-pharmacy market in West Bengal (Tata 1mg is the second-largest player in the state) and is expanding its footprint across India. This sustained growth is reflected in the company’s financial performance, with Health X achieving revenue of Rs1,306 crore in FY26, driven by a strong 5-year CAGR of nearly 16 per cent.
India is a global pharmaceutical powerhouse, yet over 65 per cent of its population lacks access to basic healthcare. Critical systemic gaps leave 30 per cent of children malnourished, while unqualified prescriptions, a 15-30 per cent prevalence of substandard medicines, and high costs prevent more than half of chronic patients from affording treatment.
Digital ecosystem
“Leveraging India’s massive smartphone and UPI adoption, Health X is bridging this gap by building a digital ecosystem that simplifies delivery and makes healthcare accessible, affordable and human,” claims Vinay Khaitan, Chief Technology Officer.
Sastasundar B2C is an Indian digital healthcare platform and online pharmacy delivering affordable, genuine medical products directly to consumers. Operating a hybrid online-to-offline model, it leverages a growing network of over 350 local franchise stores called ‘Healthbuddies’ to handle home deliveries and provide personalised customer care. Retail Shakti, meanwhile, is the B2B platform serving more than 62,000 retail pharmacies and chemist shops across India with a large selection of medicines, OTC products, surgical supplies and healthcare products through a technology-led, inventory-driven platform. It offers guaranteed 24-hour delivery, attractive margins, transparent pricing, promotional schemes and easy returns. The B2B business contributes almost 80 per cent of the company’s revenue.
The recently launched Jito Health provides affordable, high-quality generic medicines at up to 60 per cent less than branded alternatives. By integrating digital apps, physical clinics and generic stores, it delivers low-cost medications, diagnostics, and both video and in-person doctor consultations under one roof.
Genu Path Lab is an advanced diagnostic centre launched in 2019 and situated at the company’s headquarters in New Kolkata. The lab provides high-quality critical and general testing services at an affordable cost. Because of its strict focus on quality, Genu Path Lab earned NABL accreditation within a short period of operation.
Over 600 million Indians suffer from crippling out-of-pocket medical bills. JITO addresses this by mapping every branded prescription to its exact, quality-verified generic equivalent, offering the same salt, dosage and efficacy at a fraction of the price.
Adi Pharma Store in Beleghata, North Kolkata, has partnered with the company since its inception. Its owner, Manas Kumar Das, who serves a 10 km radius, says: “The company is a trusted industry name with a transparent approach. However, we hope they consider raising retailer margins slightly to ensure our partnership remains sustainable.”
Likewise, Sujit Marik, owner of New Life Pharmacy in Falta, explains that the company’s consistently large medicine inventory prevents supply-chain disruptions and successfully shortens his working-capital cycle.
The company operates three fulfilment centres across India that verify, pack and ship pharmaceutical and wellness products. They are located in Kolkata, Noida and Guwahati, with a combined capacity to handle 50,000 orders per day. The Kolkata facility is the largest hub, independently handling 25,000 orders daily. Mittal acquired this expansive plot through a West Bengal Industrial Development Corporation (WBIDC) auction, on the former site of the defunct government-owned Krishna Glass factory.
The Kolkata facility is one of the largest in the industry, featuring advanced temperature controls and digital inventory management. This infrastructure ensures that every medication is verified for authenticity, dispensed strictly according to prescription, and delivered on time. “Built to serve both B2B and B2C channels efficiently and with zero errors, our automated operations ecosystem is driven by three core principles: improving quality, increasing velocity, and optimising costs across all processes,” explains Khaitan. The Kolkata facility caters to the entire West Bengal market, the Noida centre supplies the NCR and Uttar Pradesh markets, and the Guwahati centre serves the north-eastern markets.
Fulfilment centres
In a strategic move to expand its geographical reach and improve coverage, the company has earmarked Rs150 crore for an expansion plan to set up new fulfilment centres in Udaipur, Patna, Lucknow and Ranchi within the next 24 months. The company has already secured the land, adds Khaitan.
Driven by a mission to bridge gaps in healthcare, Director Abha Mittal has launched Charity for Health (CharityForHealth.org), a unique CSR initiative providing free essential medicines to underprivileged individuals across West Bengal. Anyone requiring critical medications for chronic conditions such as diabetes and hypertension can generate a digital coupon worth up to Rs500 via the platform. The coupons are redeemed on the Sastasundar website for medicines, which are then delivered directly to the recipient’s doorstep.
“We have observed that people from lower-income groups often avoid visiting government hospitals and health centres because losing a day’s wages to travel is financially crippling,” says Abha. “So, they skip taking critical medicines, increasing the risk to their health. This digital platform eliminates travel and waiting times, ensuring uninterrupted healthcare. Our motto is that life-saving medicines should reach everyone, leaving no one behind.”
This recently launched initiative has already recorded close to 1,000 enrolments. The platform is also attracting strong interest from corporate donors wishing to participate in the CSR initiative. In future, the platform plans to expand across India.
Abha also created Tree Campus, a free language-learning platform offering Hindi-to-English and Bengali-to-English courses. Launched 2 years ago, the platform features a mobile app and live Zoom classes and has enrolled a large number of job seekers. By improving their English skills, Tree Campus helps users secure employment, increasing their monthly income by an average of Rs5,000.
Health X reported revenue of Rs1,305 crore in FY26, compared with Rs1,088 crore in FY25. It achieved revenue of Rs418 crore in the first quarter ended June 2026. Its market capitalisation is over Rs975 crore, with the current share price at around Rs306 on the NSE. The promoters hold 74.07 per cent of the company, while the public holds the remaining 25.93 per cent. In FY22, Sastasundar Ventures’ PAT exceeded its operating revenue because of exceptional gains from the sale of a majority stake in Sastasundar Marketplace to Flipkart.
“The negative profit after tax (PAT) in certain years is due to strategic investments in technology, AI, platforms and brand building. We have spent almost Rs40-50 crore on technology upgrades. These investments will strengthen our competitive edge, reduce future costs and build lasting profitability,” emphasises Lokesh Agarwal, Chief Financial Officer. He also notes that while most e-pharmacies in the country operate at a loss, the company’s losses are narrowing, putting it back on track to achieve profitability soon.
The Indian Pharmaceutical Market (IPM) has reached a valuation of Rs2.5 lakh crore, growing at a steady CAGR of 10-12 per cent. However, digital penetration remains low, with e-pharmacies accounting for only 6-7 per cent of the total market. The sector therefore presents an immense untapped growth opportunity. Mittal says: “Exciting times lie ahead, and Health X is expected to ride this wave with a 30 per cent CAGR.” It will now be interesting to see whether the company can retain its existing market while continuing to expand its network beyond eastern India.