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Netmeds.com forays offline, eyes 1,000 stores in 5 years

Press Trust of India  |  Mumbai 

Thursday announced its foray into offline space through franchise model and is eyeing over 1,000 stores across the country in five years.

The fully-licensed company is opening its first brick-and-mortar store in Nanded, Maharashtra, the company said in a release issued here.

"We believe that the neighbourhood shop and the will continue to play an important role in the overall healthcare landscape, especially when it comes to serving acute needs," founder and chief executive said.

The company is looking at previously unserviced or underserved markets especially tier III and IV towns, he added.

"The franchise enrolment process is under way and the applicants are being vetted. The five years plan for this programme is to open a minimum 1,000 stores across the country," Dadha added.

The Netmeds franchise programme will see the launch of a number of branded stores across the country, including metros like Chennai, Bangalore, and to tier II, III cities like Surat, Ahmedabad, Pali, and Balurghat,

"Currently about 65 per cent of our business comes from non-metros. While we fully intend to continue to serve them through website and app, we believe we can enhance the customer experience and improve access with Netmeds Pharmacies. The stores will offer access to medicines that may not be in stock locally, through our well-established supply chain, at lower prices," Dadha said.

Going forward, Netmeds plans to offer more in-store benefits and lower prices as the two models integrate logistics and point-of-sale and merchandising systems.

The company will maintain operations under the Netmeds brand and continue to source from trusted vendors and partners, he added.

Netmeds.com is promoted by Dadha Pharma, a Chennai-based company and backed by investors including MAPE Advisory, OrbiMed, Tanncam, Sistema and Daun Penh.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 17:25 IST
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