Online pharmacy Netmeds is raising around Rs 250 crore from its parent entity Tresara Health Pvt Ltd. The RoC filings with Ministry of Corporate Affairs showed Netmeds has cleared the deck to borrow money for the day-to-day operations and scaling.
Earlier, the Chennai-based firm had received Rs 86 crore equity funding from Tresara Health. In September 2018, Daun Penh Cambodia Group had led a USD 35 million investment round.
Netmeds deals in prescription drugs, personal care products, medical devices, surgical and baby accessories. Till date, the company has made three strategic acquisitions such as KiViHealth, JustDoc and Pluss.
NetMeds’ revenue has multiplied 2.5X in 2018.
epharmacies are catching up fast in India and is poised to become USD 18 billion opportunity by 2023. The competitors of Netmeds include startups like Medlife, 1mg, PharmEasy and Sastasundar.
Netmeds is planning to add 12 fulfilment centres across the country by 2020 to improve last-mile connectivity. It currently has 14 fulfilment centres across the country spanning an area of over 3 lakh sq ft. The new facilities will improve the customer experience by enabling faster delivery, higher fill rates and improve the overall efficiency of logistics and supply chain management.
"Our goal is to make medicines affordable and accessible to every Indian, and to reach even the most outlying corners of the country. Setting up fulfilment centres in tier II cities help us achieve that objective," Netmeds.com Founder and CEO Pradeep Dadha had said in May.