Indian Ecommerce firms after raising funds from the sovereign wealth funds such as GIC, hedge funds such as Steadview Capital and corporate honchos like Ratan Tata and Azim Premji, are ready to receive plethora of avenues for raising funds.
MAPE Advisory Group is an investment bank which is all set to invest in a yet to be launched online pharma chain Net-Meds Marketplace Private Ltd. MAPE Advisory Group which advises on private equity funds and M&A deals along with founder Pradeep Dadha are ready to fund in $5 Mn (INR 30 Cr.) in the firm, with a commitment of increasing it to $10 Mn (INR 60 Cr.), according to the people who are familiar with the matter.
Netmeds will be launched later this month which will sell prescription and over the counter (OTC) drugs, supplying over 15,000 stock keeping units (SKUs) across India from its warehouse in Chennai.
M Ramprasad, chairman of MAPE Advisory confirmed about the funding and said, “We have adequately capitalised the company for next one year. We have also been approached by few other investors.”
Netmeds’ entry in the space comes at a time when health products etailer Healthkart spun off its prescription drug business to 1MG Technologies and raised INR 32 Cr. in funding.
Few others in this space include, Hyderabad-based Aayuv Technologies Pvt Ltd, who had raised an undisclosed amount of funding, Mumbai-based online healthcare products store, Healthyworld.in had secured $200K, Bangalore-based healthcare startup Qikwell Technologies that connects patients and doctors had raised $3 Mn in series A round of funding and Mumbai-based startup Diabeto Medtech India Pvt Ltd had raised over $11K through crowdfunding platform Indiegogo.