Netmeds.com, today announced it has closed on $50 million in tranched financing. The investment was led by OrbiMed, a healthcare focused investment firm with around $15 billion in assets under management. As part of the financing, OrbiMed's Sunny Sharma will join company's board of directors.
OrbiMed was joined in the investment by CEO and founder Pradeep Dadha's 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.
Pradeep Dadha claimed that the company plan to use about $10 million of the $50 million commitment immediately for back-end development and to augment company's logistics infrastructure for providing medicines and healthcare products to customers who need us the most in under-served cities.
The funding will also be used to increase consumer awareness as the company continues to make known its mantra that Netmeds.com
Netmeds.com has a selection of both prescription drugs and non-prescription (OTC) products, supplying over 50,000 stock keeping units (SKUs) across India from its first operational hub in Chennai.
Netmeds.com also offers the convenience of uploading a prescription and ordering medicine through its mobile app that is available on iOS and Android smartphones.
The app makes the entire Netmeds.com catalogue of more than 50,000 SKU's available to everyone with a valid prescription and a smart phone.
Consumers have 24/7 access to the up-to-date and affordable drugs for health maintenance, ordered online and delivered across the country. The company has tied-up with India Post to provide delivery services.
The app also maintains the records of the medicine order and provides refill reminders to make sure the medication is not forgotten. Once a user has uploaded their prescription, it is examined by the company's pharmacists for proper dosage, duration, and other points of validity, further ensuring the patient of the best possible outcome, said the company.