Chennai headquartered online pharmacy NetMeds has acquired Bangalore-based telemedicine portal JustDoc in a cash-and-stock deal. With this NetMeds has made the second acquisition as earlier the company had acquired hyperlocal drugs delivery startup Pluss, last year.
The company has not disclosed the JustDoc acquisition deal size however according to an Economic Times report, NetMeds is believed to have paid a little under $1 million to acquire three-year-old JustDoc.
The acquisition comes within a month after Netmeds had raised $35 million in Series C funding round led by from Daun Penh Cambodia Group .
Founded in 2015, by Abhishek Kumar, Jugal Anchalia and Vikash Singh, JustDoc is online doctor/medical consultation platforms that provide healthcare services via audio, video & chat.
Post acquisition, entire team of JustDoc, which is said to be only 8-10 members, will be absorbed by NetMeds.
The startup counts former Infosys senior executive TV Mohandas Pai, InMobi cofounder Mohit Saxena, TaxiForSure co-founder Raghunandan G as its angel investors and Singapore Angel Network and Tracxn Labs among its list of backers. All the investors of JustDoc, who had invested an undisclosed amount in Justdoc, are believed to be exiting the startup, post the closure of the deal.
Pradeep Dadha, founder & CEO of Netmeds, said, “The acquisition of JustDoc brings an extensive and experienced physicians’ network, which will be the perfect addition to our present range of products and services at this stage in our growth plan.”
Founded in 2010 by Pradeep Dadha, Netmeds provides prescription medicine and healthcare products to patients across India. Netmeds, which has raised a total of $99M in funding over three rounds, counts Sistema Asia Fund, a proprietary venture capital fund of Russian conglomerate Sistema JSFC, Tanncam Investment, and OrbiMed, a healthcare-dedicated investment firm, as its investors.
“Netmeds will continue to expand the scope of its offerings to include diagnostics, lifestyle-related consulting and a patient ‘peer-to-peer’ social network channel. Adding end-to-end video consultation workflows can make the whole process of providing high quality and affordable healthcare services far more efficient,” Dadha said in a statement.
Source – Business Line