Netmeds today announced that it has secured $50 million in tranche funding led by OrbiMed, a healthcare focused investment firm. The funding was joined by Pradeep Dadha, CEO and Founder of NetMeds, and boutique investment bank MAPE Advisory Group.
As part of the financing, OrbiMed’s Dr. Sunny Sharma will join the Company’s Board of Directors.
According to Mr. Pradeep Dadha, CEO and Founder, Netmeds is also planning to build a better supply chain management system to improve and expand their services.
“We are the first-mover in our category, and plan to use about $10 million of the $50 million commitment immediately for back-end development and to augment our logistics infrastructure for providing medicines and healthcare products to customers who need us the most in under-served cities. The funding will also be used to increasing consumer awareness,” says Dadha.