Chennai headquartered online pharmacy startup Netmeds is on verge of acquiring Gurgaon-based Pluss, a medicine delivery app launched last year. Netmeds is in late-stage discussions to acquire Pluss, in an all-stock deal, reported ETTech today.
The acquisition deal could close in the next two weeks, is expected to see Gurgaon-based Pluss’ existing backers, a list that includes, IDG Ventures India, Singapore-based M&S Partners and Powerhouse Ventures pick up stakes in Netmeds, according to two sources with knowledge of the deal.
Launched in 2015 by , Netsmeds had raised $50 million (about Rs 325 crore) in a funding round led by OrbiMed, in October 2015, and if every thing falls in right place Pluss will be Netmeds’ first acquisition.
Pluss, wihch was too incorporated in same year 2015, was founded by Atit Jain, Madhulika Pandey and Tarun Lawadia. It is an on-demand medicine and healthcare products delivery app which standardizes your experience irrespective of customers’ location and the store from where medicines come. Currently, it is operational in whole Delhi/NCR area.
Pluss, had raised about $1 million in a funding round led by IDG Ventures, in Nevember last year. Prior to this, it had reportedly raised about $200,000 in seed funding from a number of notable angel investors, including Snapdeal founders Kunal Bahl and Rohit Bansal, as well as Anand Chandrasekaran, the new head of Platform and Partnerships for Facebook Messenger.
Another online pharmacy company 1mg (formerly HealthkartPlus) is also based out of Gurgaon, and is currently India’s market leader as well heavily funded startup in its category. 1mg also facilitates medical appointments and diagnostic test bookings besides operating an online marketplace for medicines.
This year, 1 mg acquired Mumbai-based diagnostics tests booking app Medd.in to enter radiology segment in the diagnostic space.
The health products market in India is expected to grow at a CAGR of 15% and touch $158.2 Billion in 2017.