At a time when the online retail sector is witnessing a surge, the medical sector is in no mood to lapse behind. Netmeds, which operates an online pharmacy store, has raised $14 million in a funding round led by Tancamm and Sistema Asia Fund.
The funding round also witnessed participation from MAPE, Orbined Asia and Pradeep Dadha’s family office.
The startup will use the funding for expanding its geographical reach across India. The company’s ultimate goal is to make affordable healthcare accessible to the masses.
A portion of the latest funding round will also go into establishing fulfilment centres in six more locations for efficient and quicker deliveries all over the country. It currently has fulfilment centers in Chennai, Bangalore, Hyderabad, Delhi, Pune, Ahmedabad, Raipur and Kochi.
Commenting on the fundraise, Netmeds founder and CEO Pradeep Dadha said,
Our primary aim is to try and use the extensive network of India Post to deliver the products across the country. We are also looking to leverage technology to ensure that the medicines reach the needy patients wherever they area. The entire focus of our business from the time we started is that we have always felt that there are areas apart from the metros that have an unserved need in terms of accessibility of healthcare.
Kirill Kozhevnikov, MD of Sistema Asia Fund said,
We work with many startups and young entrepreneurs, but Netmeds is unique among them because it is led by such a strong and seasoned leadership. We have been very impressed by the way Netmeds has been altering the scenario of healthcare accessibility in India and are delighted to be able to contribute towards its larger mission in the country.
Netmeds, founded in 2010 by Pradeep Dadha, offers customers ease of shopping for medicines and other healthcare products through its online portal, mobile application and customer care call centre.