India: Netmeds.com raises $50m funding led by US-based OrbiMed

Pradeep Dadha, Founder and CEO, Netmeds.

Online pharma aggregator Netmeds.com has raised $50 million funding led by OrbiMed, a healthcare-focused investment firm, the company said on Monday.

The investment will be done in tranches which includes $30 million from OrbiMed and rest $20 million from its earlier investor Mape Advisory.

As part of the deal, OrbiMed’s Sunny Sharma will join the company’s board of directors.

The company plans to use around $10 million immediately for back-end development and to augment its logistics infrastructure. It will also use the funding to increase consumer awareness.

“This additional funding is a great vote of confidence in the Netmeds.com vision of providing access to a full range of genuine medicine and reliable healthcare products to the consumer. Plans are also underway to put in place an excellent supply chain management system,” said Pradeep Dadha, CEO and founder of Netmeds.com.

Netmeds.com is promoted by Dadha Pharmaceuticals and investment bank Mape Advisory and was launched in July 2015.

The company supplies over 50,5000 stock keeping units (SKUs) across the country. Currently, it has a warehouse in Chennai  and is in the process of putting up more.

Through its website, Netmed offers an option to upload the prescription online and ordering medicine through its mobile app on iOS and Android smartphones.

The app also helps the consumers to maintain the records of their medicines and provides reminders. Netmeds sells medicines across 300 cities and delivers the medicines in three-four working days.

OrbiMed, a US-based fund which has $15 billion assets under management, provides funding to private companies as well as large multinational corporations in the healthcare industry.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.