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Chennai-based online pharmacy brand, NetMeds.com, has raised $50 Mn in tranched funding led by OrbiMed, a healthcare focused investment firm.
As part of the deal, OrbiMed’s Dr. Sunny Sharma will join company’s board of directors.
Pradeep Dadha’s (CEO & founder of NetMeds) family investment fund has been an investor in OrbiMed, along with MAPE Advisory Group.
Pradeep Dadha said that the company plans to use about $10 Mn of the $50 Mn raised capital in developing back-end infrastructure and to augment its logistics infrastructure in order to provide medicines and healthcare products in under-served cities.
Founded in 2010 by Pradeep Dadha, NetMeds, is a licensed pharmacy marketplace that offers authenticated prescription and over the counter (OTC) medicine along with other health products. It has been promoted by the Dadha family, which has been in the pharmaceutical business for over 100 years.
How it works:
A user needs to upload their prescription which is carefully examined by company’s pharmacists to assist with proper dosage, duration and other points of validity ensuring the patient with best possible outcome.
The startup has a selection of both prescription drugs and non-prescription (OTC) products, supplying over 50,000 stock keeping units (SKUs) across India. Consumers have access to updated and affordable drugs 24/7 that can be ordered online and delivered across the country for which it has tied-up with India Post.
Users can order medicines through NetMeds’ mobile app as well that is available on both iOS and Android platforms.
NetMeds’ app also maintains the records of the medicine order and provides refill reminders to make sure the medication is not forgotten.
Other players operating in this space include Medfinder, Pluss, 1mg, Pharmeasy, MyMedisyn, Medist and Mera Medicare.
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