[Funding alert] Online pharmacy Netmeds raises Rs 6.19 Cr from its parent entity
Chennai-based healthcare ecommerce portal Netmeds has recently raised Rs 6.19 crore from its parent entity Tresara Health Pvt Ltd, according to RoC filings accessed by YourStory.
As per the filing, the company has issued 2,36,259 equity shares on July 10 to the holding entity. In April 2019, Tresara Health had invested Rs 79.45 crore in the company.
In March 2019, Netmeds acquired clinic management platform KiViHealth in a cash and stock deal. The company has committed close to $10 million to integrate and grow KiViHealth.
In September last year, it also announced the acquisition of telemedicine portal JustDoc and entered the diagnostic and consultation segment.
Netmeds.com serves over 4 million customers in more than 610 cities and 19,000 pin codes across the country. Through its website, consumers have access to more than 50,000 SKU’s of prescription drugs, for chronic and recurring ailments as well as thousands of non-prescription health, wellness and personal care products.
Netmeds have employed more than 500 pharmacists, pharmacy technicians, customer service specialists, logistics and warehouse experts, digital payments professionals, and programmers all across the country.
In May 2019, the online pharmacy announced its plans to set up 26 Fulfillment Centers (FCs) across metros and Tier II cities by the year 2020.
Talking about the expansion, Pradeep Dadha, Founder & CEO, Netmeds.com said at the time,
"Our goal is to make medicines affordable & accessible to every Indian, and to reach even the most outlying corners of the country. Setting up Fulfilment Centers in Tier II cities helps us achieve that objective.”
Currently, Netmeds has 14 Fulfillment Centers across the country with three centers in Chennai and the rest in Bangalore, Hyderabad, Delhi, Mumbai, Kolkata, Ahmedabad, Pune, Noida, Lucknow, Raipur and Guwahati respectively.
Netmeds.com is promoted by Dadha Pharma, a Chennai-based company and backed by investors including MAPE Advisory, OrbiMed, Tanncam, Sistema and Daun Penh.