Online pharmacy marketplace Netmeds raises USD 14 M
Netmeds
Founder: Pradeep Dadha
Founded in: 2015
Financing status: USD 14 million for undisclosed round in 2017
Netmeds, a Chennai-based online pharmacy marketplace, has raised USD 14 million in a fresh funding round led by Cambodian investment firm Tanncam Investment and Russian conglomerate Sistema JSFC’s Sistema Asia Fund.
Financial services company Cambodian Investment Management was the adviser to the transaction for Tanncam.
Netmeds was founded in 2015 by Pradeep Dadha. Dadha’s family reportedly ran Tamil Nadu Dadha Pharmaceuticals Ltd., which was founded by S. Mohanchand Dadha (Pradeep Dadha’s father). The company was acquired by and merged with Sun Pharmaceutical Industries Ltd. in 1997. S. Mohanchand Dadha now sits on the board of Sun Pharmaceutical.
Netmeds is an online pharmacy marketplace in India. It provides a wide range of prescription medicines and over-the-counter products. The offerings include wellness supplements, herbal products, diabetic care kits, baby & mother care products, surgical supplies and more. The startup provides delivery services in second and third-tier cities and rural villages. Netmeds has partnerships with well-known pharmaceutical companies such as GlaxoSmithKline, Pfizer, Wyeth, Merck, Sun Pharmacy and others.
The startup will use the newly raised capital to expand its customer base and presence to more locations in India.
Other players in the health-tech area in India include 1mg, mChemist, Medikoe and BigChemist among others.
Online grocery platform Bigbasket raises USD 8 M
Bigbasket
Founders: V. S. Sudhakar, Hari Menon, Vipul Parekh, Abhinay Choudhari, and V. S. Ramesh
Founded in: 2011
Financing status: USD 8 million for undisclosed round in 2017
Online grocery platform BigBasket has raised USD 8 million in a fresh funding round from its existing investors Abraaj Basket, Bessemer Venture Partners, International Finance Corporation and Sands Capital.
BigBasket was founded in 2011 by Vipul Parekh, Abhinay Choudhari, V. S. Sudhakar, Hari Menon, and V. S. Ramesh. Choudhari, a MBA graduate of Indian Institute of Management Ahmedabad, was previously a principal at India’s tech giant Infosys. Parekh, a graduate of Indian Institute of Management Bangalore, worked previously as an investment director at private equity firm Peepul Capital Advisors.
BigBasket is India’s leading online food and grocery shopping platform. It is accessible on both a website and app and is compatible with Android and IOS. The startup claims to have over 5 million users, as well as more than 18,000 products from over 1,000 brands. The platform offers fresh fruits and vegetables, rice, packaged products, beverages, personal care products, and more, and even allows users to select a time slot for home delivery. The startup has a presence in about 25 Indian cities including Bangalore, Hyderabad, Mumbai, Chennai, and Delhi.
The startup will use the newly raised investment money to compete with its rival Grofers, an online grocery shopping store.
Other players in this area in India include Doodhwala, RainCan, Supr Daily, MrNeeds, etc.
(Top photo from Sohu website)
