Online pharmacy marketplace Netmeds.com has bagged $50 million in a second round of funding since its launch in June this year. The latest round was led by OrbiMed, a healthcare-focused investment firm, along with Pradeep Dadha, CEO, Netmeds.com, through the family investment fund and boutique investment bank MAPE Advisory Group.
Netmeds.com is promoted by the Dadha family, which has been in the pharmaceutical business for over 100 years. The family ran Tamil Nadu Dadha Pharmaceuticals and Pradeep Drug Company earlier. Dadha said, "Most of the funds will go towards building a network of information between wholesalers and retailers to provide greater availability. We plan to use about $10 million immediately for back-end development and to augment our logistics infrastructure."
Netmeds.com has prescription drugs and non-prescription products, supplying over 50,000 stock keeping units (SKUs) across India from its first operational hub in Chennai. The company has tied up with IndiaPost to provide delivery services across all the states in India
Netmeds.com is promoted by the Dadha family, which has been in the pharmaceutical business for over 100 years. The family ran Tamil Nadu Dadha Pharmaceuticals and Pradeep Drug Company earlier. Dadha said, "Most of the funds will go towards building a network of information between wholesalers and retailers to provide greater availability. We plan to use about $10 million immediately for back-end development and to augment our logistics infrastructure."
Netmeds.com has prescription drugs and non-prescription products, supplying over 50,000 stock keeping units (SKUs) across India from its first operational hub in Chennai. The company has tied up with IndiaPost to provide delivery services across all the states in India
Currently, it takes three-seven days for the drugs to be delivered once an order is validated. "Our vision is to deliver within 24 hours with a focus on non-metro areas and all our efforts will be directed towards that end," added Dadha.
"We see traction in Tier-2 and -3 cities now. With the advent of tele-medicine and medical tourism, the demand for medicines - especially those for chronic ailments - is on the rise," he said.
Netmeds.com can be accessed through its mobile app available on iOS and Android. The app also maintains records of the orders and provides refill reminders. Once a prescription is uploaded, it is examined by the company's pharmacists for proper dosage, duration, and other points of validity. Netmeds.com also provide the generic drug substitute in place of a branded one.
"We see traction in Tier-2 and -3 cities now. With the advent of tele-medicine and medical tourism, the demand for medicines - especially those for chronic ailments - is on the rise," he said.
Netmeds.com can be accessed through its mobile app available on iOS and Android. The app also maintains records of the orders and provides refill reminders. Once a prescription is uploaded, it is examined by the company's pharmacists for proper dosage, duration, and other points of validity. Netmeds.com also provide the generic drug substitute in place of a branded one.
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