Total amount raised
$103.7 Millions
Latest funding date
09/01/2018
Location
Netmeds has successfully raised funding through multiple rounds, with its last Series C round closing on September 1, 2018. The company has attracted notable investors, including Tanncam Investment and Daun Penh Cambodia Group.
Netmeds' journey in securing financial backing culminated in its acquisition by Reliance Retail for ₹6.2 billion on August 18, 2020. Keep reading to explore the intricacies of Netmeds' fundraising journey and the investors backing this innovative platform.
What Is Netmeds?
Netmeds, founded in 2010 by Pradeep Dadha, is an online pharmacy based in Chennai, Tamil Nadu, India. The company offers a platform for purchasing prescription medicines, health and wellness products, personal care items, baby care products, feminine hygiene products, and maternity care products.
Netmeds is part of Dadha & Company, a trusted pharmacy with over 100 years of experience. The company has grown significantly, employing between 501 and 1000 people. It serves over 9 million customers across India, providing quality medicines at reasonable prices.
Netmeds also offers lab tests and beauty products, ensuring a comprehensive range of health and wellness services. The platform is known for its significant discounts, express delivery, and various promotional offers, making it one of India's most trusted pharmacies.
How Much Funding Has Netmeds Raised?
- Series A
- Amount Raised: $50M
- Date: October 2015
- Lead Investors: OrbiMed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch and establish the business.
- Venture Round
- Amount Raised: ₹300M
- Date: May 2015
- Lead Investors: MAPE Advisory Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Series B
- Amount Raised: $14M
- Date: October 2017
- Lead Investors: Sistema Asia Capital, Tanncam Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: For growth and expansion purposes.
- Series C
- Amount Raised: $35M
- Date: September 2018
- Lead Investors: Daun Penh Cambodia Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To increase awareness through marketing efforts and enhance customer experience by increasing stock, adding more fulfillment centers, and expediting deliveries.
Total Amount Raised: $99M
Current Valuation: Not publicly disclosed
Key Investors
- Daun Penh Cambodia Group (DPCG)
- Details: Daun Penh Cambodia Group is a Southeast Asian business group involved in various sectors, including infrastructure development and trading high-quality medicines. They became an equity stakeholder in Netmeds through the $35 million Series C funding.
- Investment Focus Areas: Infrastructure development, high-quality medicines trading.
- Notable Investments: Specific investments not detailed in the sources.
- Sistema Asia Fund
- Details: Sistema Asia Fund is a Singapore-based venture capitalist firm. They participated in multiple funding rounds for Netmeds, including the $14 million Series B and the $35 million Series C rounds.
- Investment Focus Areas: Technology, healthcare, innovative startups.
- Notable Investments: Specific investments not detailed in the sources.
- Tanncam Investment
- Details: Tanncam Investment is a Cambodian investment holding company. They invested $14 million in Netmeds in October 2017 and participated in the $35 million Series C round.
- Investment Focus Areas: General investment holding, emerging markets, healthcare.
- Notable Investments: Specific investments not detailed in the sources.
- OrbiMed
- Details: OrbiMed is a healthcare-focused investment firm. They were the first investor in Netmeds, investing $50 million in 2015.
- Investment Focus Areas: Healthcare, life sciences.
- Notable Investments: Specific investments not detailed in the sources.
- MAPE Advisory Group
- Details: MAPE Advisory Group is an investment advisory firm. They led the ₹300 million venture round for Netmeds in May 2015.
- Investment Focus Areas: Not specified in the sources.
- Notable Investments: Specific investments not detailed in the sources.
What's Next for Netmeds?
Netmeds stands at the cusp of significant growth opportunities. With the recent infusion of $35 million in Series C funding, the company is poised to expand its reach and enhance customer experience. The online pharmacy market is booming, driven by increasing demand for digital health solutions and regulatory changes favoring online pharmacies. Netmeds plans to leverage this momentum by expanding its product range, improving logistics, and enhancing marketing efforts to attract a broader customer base.
Future fundraising opportunities seem promising as the company continues to grow and meet its objectives. The competitive landscape, featuring players like 1mg and Pharmeasy, suggests that additional funding rounds may be necessary to maintain and expand market share. However, Netmeds must navigate regulatory challenges and ensure the quality and authenticity of its medications to sustain its growth trajectory.
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