Chennai-based Healthtech startup Netmeds is reportedly in talks to raise a USD100 million funding round. Swiss financial services company Credit Suisse is said to be the investment banker in this funding deal, according to a report which cited unnamed sources.
Till date, Netmeds is estimated to have raised a total of USD 9 million across its three funding rounds. In its latest Series C round of September 2018, the health-tech startup had raised 35 USD from Daun Penh Cambodia Group (DPCG) and some existing investors.
Other investors in the company include Cambodian investor Tanncam, private equity firm OrbiMed, Russian conglomerate Sistema, and an investment banker Mape Advisory.
Netmeds was founded in 2010 by Pradeep Dadha. The startup is a licensed pharmacy marketplace that offers authenticated prescription and over-the-counter (OTC) medicine digitally along with other health products.
Also read: Netmeds raises $ 35 mn in Series C funding
Netmeds offers both prescription drugs and non-prescription (OTC) products. Users upload their prescription in Netmeds’ mobile app available on both iOS and Android devices. The company’s pharmacists then examine the prescription to assist with proper dosage, duration, and other points of validity before completing the order. Customers can then order medicines online through its app.
As of March 2019, Netmeds claimed to have served more than 3.7 million customers in over 610 Indian cities and towns.
Recently in March, the company acquired a healthtech startup,KiViHealt, in a cash and stock deal. Prior to this in 2018, Netmeds had also acquired a telemedicine startup JustDoc in a cash-and-stock deal of nearly USD 1 million.
Earlier in 2016, it had made another acquisition of a Delhi-based hyperlocal medicine delivery startup Pluss.