Chennai-based pharmaceutical ecommerce portal Netmeds.com has announced the acquisition of another healthtech startup KiViHealth in a cash and stock deal. The Chennai-based company will invest about $10 Mn to integrate and grow KiVIHealth business segment.
Speaking about the acquisition, CEO of Netmeds, Pradeep Dadha said, “ With this acquisition, Netmeds.com adds to the portfolio of technology driven solutions as it transforms the brand into a complete healthcare product and service company.”
Ahmedabad-based KiViHealth is a clinic management platform, which helps patients to search and book doctor appointments, manage medical records, get notified on medicine schedule, and track their health timeline. Further, the startup uses artificial intelligence to give a chatbot like experience to its users and to maintain a health record for patients as well as doctors.
KiViHealth also serves the doctors through a digital prescription pad which allows doctors to generate digital prescriptions. The company was founded by Bhanu Mahajan and Rajandeep Singh in 2015. KiViHealth claims to have enrolled over 3.1K hospitals and health centres, and in turn manages more than 2 Mn patient records, along with serving about 2K doctors through its website and mobile app.
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“Netmeds.com is the perfect partner to help us achieve the scale that we believe is within our grasp.” KiViHealth cofounder Bhanu Mahajan said in a press statement.
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In late 2018, Netmeds has acquired a telemedicine startup JustDoc in a cash-and-stock deal of nearly $1 Mn. It had made another acquisition almost two years back by adding Delhi-based hyperlocal medicine delivery startup Pluss to its kitty.
Netmeds was founded in 2010 by Pradeep Dadha. The startup is a licensed pharmacy marketplace that offers authenticated prescription and over-the-counter (OTC) medicine digitally along with other health products.
As of March 2019, Netmeds claimed to have served more than 3.7 Mn customers in over 610 Indian cities and towns and is backed by investors such as MAPE Advisory, OrbiMed, Tanncam, Sistema and Daun Penh.
With a 1.3 Bn population, healthcare in India is expected to be a $372 Bn industry by 2022 and opens a largely untapped opportunity for the healthtech startups globally.
According to Inc42 DataLabs estimate, there are at present more than 4,800 active healthtech startups in India. In all, the healthtech startups raised $504 Mn, as per Inc42 DataLabs’ funding report 2018.