We have a strong focus on scaling up our store network, having grown from operating our initial 48 stores in Hyderabad at the conception of our business to operating India's second largest pharmacy retail network of over 2,100 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, as of March 31, 2021. Our stores present a consistent and uniform customer experience of offering genuine and good quality pharmaceutical products and fast-moving consumer goods at affordable prices.
We also operate an online sales platform, customers could either visit our stores or access our offerings online, through our website and mobile application. We have developed various e-commerce portals such as 'MedPlus Mart', 'MedPlus Lens', and 'MedPlus Labs', to view and purchase our products online via our website and app.
Pharmacy & General Stores
We operate a "Flexi Rewards" scheme (our customer loyalty program), which allows customers to accumulate points when they purchase products. These points can be redeemed for purchase of value plus items. The fair value of the consideration received or receivable in respect of the initial sale is allocated between the award credits and the other components of the sale. The amount allocated to award credits is deferred and is recognized as revenue when the award credits are redeemed and we have fulfilled its obligations to supply the discounted products under the terms of the program or when it is no longer probable that the award credits will be redeemed.
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