Netmeds closes $50 mn funding led by OrbiMed
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Mumbai, Oct 26 (PTI) : Online pharmacy marketplace Netmeds.com today said it has closed a funding round of USD 50 million (about Rs 325 crore) in tranched financing, led by healthcare focused investment firm OrbiMed.
Netmeds founder Pradeep Dadhas family investment fund, boutique investment bank MAPE Advisory Group also participated in the funding, the company said in a statement.
Netmeds.com is promoted by the Dadha family which has been in the pharmaceutical business for over a century.
"This additional funding will help us put in place a supply chain management system," Pradeep Dadha said.
"We plan to use about USD 10 million of the USD 50 million commitment immediately for back-end development and to augment our logistics infrastructure to service the most under-served cities," he added.
"The funding will also be used to increase consumer awareness and brand building," he said.
As part of the financing, OrbiMeds Sunny Sharma will join the companys board of directors.
Netmeds founder Pradeep Dadhas family investment fund, boutique investment bank MAPE Advisory Group also participated in the funding, the company said in a statement.
Netmeds.com is promoted by the Dadha family which has been in the pharmaceutical business for over a century.
"This additional funding will help us put in place a supply chain management system," Pradeep Dadha said.
"We plan to use about USD 10 million of the USD 50 million commitment immediately for back-end development and to augment our logistics infrastructure to service the most under-served cities," he added.
"The funding will also be used to increase consumer awareness and brand building," he said.
As part of the financing, OrbiMeds Sunny Sharma will join the companys board of directors.
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