Netmeds Launches 1st Brick-and-Mortar Store in Karnataka

Online pharmacy Netmeds.com on Monday said it has opened its first brick-and-mortar store in Karnataka's Belgaum with plans to launch 20 such stores across the state by 2020.

Netmeds Pharmacies will have access to over 50,000 stock keeping units (SKUs) of prescription drugs for chronic and recurring ailments as well as thousands of non-prescription health, wellness and personal care products, Netmeds.com said in a statement.

"The launch of Netmeds Pharmacy in Belgaum is our first step towards building the foundation of a solid healthcare delivery network in Karnataka," Netmeds.com founder and CEO Pradeep Dadha said.

The offline store will benefit from a well-established supply-chain, supported by over 14 fulfilment centres across the country, while continuing to serve customers through company's online portal, he added. PTI AKT

Online Pharmacy Netmeds Acquires Telemedicine Portal JustDoc for Less than A Million

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

Online Pharmacy Netmeds Acquires Telemedicine Portal JustDoc for Less than A Million

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

Netmeds Raises $14 Mn in Latest Funding Round From Investment Funds Sistema and Tanncam

Netmeds, India’s leading healthcare e-commerce portal closed its latest round of funding in which it has secured an investment of $14 million. The funding round was led by Tanncam, a Cambodian investment holding company, which was joined by Sistema Asia Fund, the India-centric venture fund, spun off by, Sistema, Russia's largest public investment holding company.

Commenting on the announcement, Pradeep Dadha, CEO, Netmeds said, “We believe that this round of funding reflects a renewed confidence in the industry and its future, brought about by both the GST and the government’s release of the draft of rules governing online pharmacies. This new seal of approval and legitimacy has reignited interest from both investors and consumers. We also believe that the investments, both made by international funds, demonstrate a healthy appetite for global investment in the Indian consumer products market and healthcare, in particular, owing to its massive potential.”

Pradeep Dadha added, “The investment will be used to continue to build upon our consumer base and expand our reach to more locations in the country. Awareness, accessibility and affordability are the key USPs of Netmeds that have made it a favourite among Indian consumers. This is reflected in our growing reach, especially in tier-2 and 3 cities, rural towns and villages which lack the options and choices that metro dwellers enjoy, and our platform brings medicines and healthcare within their reach digitally.

Tanncam Investment is an investment holding company incorporated under the laws of the Kingdom of Cambodia which invests globally in early-stage venture capital start-ups and strategic investment opportunities. Financial services company Cambodian Investment Management acted as Adviser on the transaction for Tanncam and it’s CEO Anthony Galliano commented “Cambodian Investment Management was delighted to conduct the due diligence, valuation, and negotiations for this corporate finance transaction on behalf of Tanncam. Netmeds is changing the paradigm in the pharma market in India and we strongly believe in the merits of the investment”.

The other investor in this round, Sistema Asia Fund Private Ltd., is a venture firm specialising in start-ups, early stage, mid-stage, Series-A, Series-B, and Series-C investments. The fund was created by Russian conglomerate Sistema JSFC with the goal of increasing their engagement with the Indian start-up ecosystem and capitalise on emerging opportunities.

Kirill Kozhevnikov, Managing Director, Sistema Asia Fund said, “We work with many start-ups and young entrepreneurs, but Netmeds is unique among them because it is led by such a strong and seasoned leadership. We have been very impressed by the way Netmeds has been altering the scenario of healthcare accessibility in India and are delighted to be able to contribute towards its larger mission in the country.”

Tanncamm and Sistema will join early investors Investment Bank MAPE and OrbiMed Asia, along with Pradeep Dadha and his family as equity stakeholders in Netmeds.

Netmeds Moves Offline, Plans to Launch 10 Physical Stores in Chennai

Ecommerce was born when traditional stores created an online presence to cater to shoppers' demands for anytime, anywhere purchases. Now, in a interesting role reversal of sorts, pure online stores are adopting a two-way approach and are venturing into the offline space to offer their customers a well-rounded and comprehensive shopping experience. With exactly that goal in mind, Netmeds, India’s leading healthcare e-commerce portal, also popularly known as ‘India Ki Pharmacy’ is now venturing into the brick-and-mortar space. After creating a robust presence felt in the realm of “e-pharma” Netmeds is set to make inroads in the physical retail segment. The healthcare e-commerce portal plans to set up its physical stores in Chennai first and gradually expand its offline reach to other metro cities in the country.

Netmeds is poised to kick-start its offline foray with 10 physical stores under the franchise model in the pilot phase. Under the same brand name, Netmeds will open a number of conveniently located licensed pharmacies. The healthcare firm will invest around Rs15-20 lakh to set up the physical stores. The brand new stores will be located in high demand markets of Chennai, which people can easily access for safely and reliably fulfilling their healthcare needs.

Commenting on the plan, Netmeds CEO Pradeep Dadha said, “Netmeds has fast established itself as the one-stop online destination for customers to procure medicines and fulfill the entire spectrum of their healthcare needs. While our online sales have experienced immense traction, our customers have also expressed an unequivocal desire to be able to interact with their favourite pharmacy in a physical format. Many consumers are keen to attain a 360-degree, seamless medicine buying experience with a trusted brand. To cater to this consumer demand, we have decided to enter into an omni-channel model. Setting up physical stores will not only help us to enhance our engagement with customers, but will also enable us to reach out to those who do not have access to technology or lack technical expertise.”

At present, Netmeds procures from wholesale and retail shops to cater to its clientele. With its brick-and-mortar stores in the offing, Netmeds will source products through its own distribution company.