Net-Meds Marketplace Pvt Ltd, which runs online pharmacy venture under Netmeds.com, has received investment commitment of Rs 325 crore from healthcare focused global private equity firm OrbiMed, existing investor MAPE Advisory Group.
In this round of funding, Dadha’s family investment fund will also contribute.
“This additional funding is a vote of confidence in Netmeds.com’s vision of providing access to a range of medicine and healthcare products to the consumer. Plans are also under way to put in place a supply chain management system,” informed Pradeep Dadha, Founder & CEO, Netmeds.com.
Interestingly, OrbiMed’s Senior Managing Director, Sunny Sharma, will join the Company’s board.
In May, Bangalore-headquartered mid-market investment banking firm MAPE had said it will invest in yet to be launched Netmeds.com.
At that time, the investors reportedly committed around US$ 10 million.
Reportedly, the four-month-old start-up is looking to use US$ 10 million of US$ 50 million funds for back-up development and to augment its logistics infrastructure to offer medicines and healthcare products under-served cities.
Besides, the funding will be used to increase consumer awareness.
Net-Meds Marketplace was launched by Chennai-based businessman Pradeep Dadha. His family ran Tamil Nadu-based Dadha Pharmaceuticals Ltd, which was acquired and merged with Sun Pharmaceutical Industries Ltd in 1997. The founder of the firm S Mohanchand Dadha (father of Pradeep Dadha) now sits on the board of Sun Pharma, India’s top drugmaker.
Netmeds.com has both prescription drugs and non-prescription (OTC) products, supplying over 50,000 stock keeping units (SKUs) across India from its first operational hub in Chennai.
It also allows uploading a prescription and ordering medicine through its mobile app that is available on iOS and Android smartphones. The app also maintains the records of the medicine order and provides refill reminders to make sure the medication is not forgotten.
