OrbiMed has led a $50 million (about Rs 325 crore) round of funding in online pharmacy marketplace Netmeds.com. The exact terms of the deal were not disclosed. The promoter of Chennai based Netmeds.com Pradeep Dadha Group have also participated in the round, through its family investment fund. Mape advisory group, boutique investment bank participated in the round. The four month-old startup will use the proceeds from the round of funding to develop its supply chain management system, build brand awareness and providing a greater array of medicine and healthcare products to consumers, amongst others.
Netmeds.com is a fully licensed pharmacy marketplace that offers authenticated prescription and over the counter medicine along with other health products.