Pharma marketplace Netmeds.com has raised $50 million in a round of funding led by health-care focused, mid-stage private equity firm OrbiMed.
The raised capital shall be used towards developing the company’s back-end infrastructure and strengthening logistics to provide medicines and healthcare products to customers in under-served cities. “The funding will also be used to increase consumer awareness,” said Pradeep Dadha, Co-founder and CEO of Netmeds.com.
The startup claims to provide, both, prescription and non-prescription drugs and products, supplying over 50,000 stock keeping units across the country from its first operational hub in Chennai.
OrbiMed, which manages about $15 billion in assets globally, had earlier invested in companies like biotechnology firm Bharat Serums, healthcare service provider Codis India, clinical research venture Ecron Acunova, drug maker Shasun Pharmaceuticals and hospital chains KIMS and Surya Children’s Medicare, reports ET.
Some of the other players competing in the same avenue as Netmeds are- 1MG, mChemist, MedicExpress etc.
The online health-care sector in India, is highly unorganized. Therefore, the space has enough to scope to be exploited and channelized. As per a IBEF report, the overall Indian health-care market today is worth $ 100 billion and is expected to grow to $ 280 billion by 2020, a compound annual growth rate (CAGR) of 22.9%. Healthcare delivery, which includes hospitals, nursing homes and diagnostics centers, and pharmaceuticals, constitutes 65% of the overall market.