Netmeds.com closes $50 million in funding
1 min read 26 Oct 2015, 11:10 PM ISTNetmeds.com is promoted by the Dadha family, which has been in the pharmaceutical business for over 100 years
Premium
New Delhi: Online pharmacy Netmeds.com said on Monday that it had closed a $50 million funding round led by OrbiMed, a healthcare-focused investment firm with about $15 billion in assets under management.
OrbiMed was joined in the investment by chief executive officer 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.
“This additional funding is a great vote of confidence in the Netmeds.com vision of providing access to a full range of genuine medicines and reliable healthcare products to the consumer. Plans are also under way to put in place an excellent supply chain management system," said Dadha.
“We are the first mover in our category, and plan to use about $10 million of the $50 million commitment immediately for back-end development and to augment our 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," he said.
As part of the financing, OrbiMed’s Sunny Sharma will join the company’s board of directors.
