OrbiMed leads $50m round for India's Netmeds
Healthcare focused investment firm OrbiMed has led a $50 million round of funding for Indian online drug marketplace Netmeds.
Previous investor MAPE Advisory Group also participated in the round, along with the family investment fund of Netmeds CEO and founder Pradeep Dadha. According to YourStory, the company will use the new capital to improve its technology systems and the logistics infrastructure, and also to increase consumer awareness.
Netmeds offers both prescription drugs and over-the-counter products through its mobile app. The software also automatically reminds customers when it is time to refill the prescription and provides them with proper usage information reviewed by the company's staff of pharmacists. It partners with the India Post to provide delivery services for more than 50,000 products from its main shipping facility in Chennai.
Dadha, whose family has run pharmaceutical shops in India for more than 100 years, launched Netmeds in 2011 with the goal of taking a leadership role in the still-nascent Indian online drug sector. The space has struggled to attract investor attention due to regulatory issues, and has faced opposition over labor issues, including a nationwide pharmacist strike earlier this month.
OrbiMed specializes in healthcare-focused investments in global markets. It launched its most recent Asia fund in 2013, with a target of $300 million; commitments include a $60 million investment by the Asian Development Bank last year. Its Asia activities include a $51 million commitment to US-based medical device maker MID Labs last year to support its China expansion.
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