Online pharmacy marketplace Netmeds.com has recently raised USD50 million (Rs 324 crore) 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 reportedly 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.