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Reliance acquires Majority Stake in Netmeds for $83 Million

19Aug By PriyankaNo Comments

ACQUISITION

Reliance acquires Majority Stake in Netmeds for $83 Million

Mumbai, 19th Aug 2020: India's leading oil & telecom company Reliance has acquired a majority equity stake in online pharmacy platform Netmeds for a cash consideration of around $83 million (Rs 620 crore). This investment represents around 60 percent holding in the equity share capital of Vitalic and 100 percent direct equity ownership of its subsidiaries Tresara Health Private Limited, Netmeds Market Place Limited, and Dadha Pharma Distribution Pvt Limited, the press statement said. Vitalic Health and its subsidiaries are collectively known as Netmeds. "This investment is aligned with our commitment to provide digital access for everyone in India. The addition of Netmeds enhances Reliance Retail's ability to provide good quality and affordable health care products and serv...

14Aug By AdityaNo Comments

INDIA

Amazon India launches Online Pharmacy in Bengaluru

Bengaluru, 14th July 2020: Amazon India has launched Amazon Pharmacy, marking its entry into the online medicine segment that has significant traction amid the COVID-19 pandemic. The service is being launched in Bengaluru initially and may be scaled up to other cities in the future. "As part of our commitment to fulfil the needs of customers, we are launching Amazon Pharmacy in Bengaluru allowing customers to order prescription-based medication, in addition to over-the-counter medicines, basic health devices and Ayurveda medication from certified sellers," an Amazon spokesperson said. This is particularly relevant in present times as it will help customers meet their essential needs while staying safe at home, the spokesperson said. E-pharmacies need to register with the Centr...

Ratan Tata acquire 50 percent stake in Pharma startup Generic Aadhaar

8May By AnkitaNo Comments

ACQUISITION

Ratan Tata acquire 50 percent stake in Pharma startup Generic Aadhaar

Mumbai, May 8, 2020: Tata group chairman Ratan Tata invested an undisclosed amount in a 17-year-old kid's pharma start-up Generic Aadhaar. Generic Aadhaar was founded by the Thane kid, Arjun Deshpande, in April 2019, when he was 16. It supplies quality generic drugs from reputed manufacturers at up to 80 percent lesser cost and other medicines 20-30 percent cheaper. The boy, an alumni of DAV Public School, Thane, began his entrepreneurial journey with the aim of bringing affordable medicines to the poor, a statement issued by his PR agency said on Thursday. Tata invests in his personal capacity and did not disclose how much he invested. The chairman emeritus of Tata Sons has so far invested in over a dozen start-ups since he retired from the group in December 2012 and all his ...

2Sep By AdityaNo Comments

FUNDING

Online Pharmacy Platform Netmeds.com Raises $35 Million Funding

India based online pharmacy platform Netmeds.com secures $35 million in Series C Funding from Daun Penh's investment holding and existing investors. The funding amount will use to increase awareness through marketing efforts as well as to enhance the customer experience. Pradeep Dadha, CEO and Founder Netmeds.com said, "the money would be used to ensure that the company "stayed the course" with regard to the extraordinary double-digit month-on-month growth it has enjoyed since inception." "Daun Penh was joined in the round by the existing investors Sistema Asia Fund, and Tanncam Investment. MAPE, the Indian investment bank which has been involved with Netmeds since inception teamed with co-arranger Cambodian Investment Management for this Series C funding round," added Dadha. He it...

Amazon Acquires an Online Pharmacy For $1 Billion

29Jun By Gauri SinghNo Comments

ACQUISITION

Amazon Acquires an Online Pharmacy For $1 Billion

The e-commerce giant Amazon has reportedly acquired an online pharmacy called PillPack that fill, sort, and deliver all your medications in personalized packets based on when you need to take them. The amount of the deal is claimed to be roughly around $1 billion in cash for PillPack. This acquisition will give Amazon the ability to ship prescriptions around the country, and overnight. PillPack is a full-service pharmacy that delivers a better, simpler experience for people managing multiple medications. With the help of PillPack, the customers can contact the pharmacists 24/7, update their medication at any time and also review their bill in your monthly summary. “PillPack’s visionary team has a combination of deep pharmacy experience and a focus on technology. PillPack is meaningf...

31Oct By Press Trust of IndiaNo Comments

FUNDING

Online Pharmacy Netmeds Raises $14M Funding

Online pharmacy Netmeds has raised USD 14 million (over Rs 90 crore) in the latest round of funding from Cambodian investment holding company Tanncam and venture firm Sistema Asia Fund. Tanncam and Sistema will join early investors investment bank MAPE and OrbiMed Asia, along with Pradeep Dadha and his family, as stakeholders in the company, Netmeds said in a statement. Netmeds CEO Pradeep Dadha said: "We believe that this round of funding reflects a renewed confidence in the industry and its future, brought about by both GST and the governments release of the draft of rules governing online pharmacies." The investment will be used to continue to build upon Netmeds consumer base and expand its reach to more locations in the country, he added. Also Recommended Russian Groups...

1mg Acquires Mumbai Based Online Consult Platform MediAngels

15Dec By NitishNo Comments

ACQUISITION

1mg Acquires Mumbai Based Online Consult Platform MediAngels

Indian online pharmacy startup 1mg Technologies Pvt. Ltd has acquired Mumbai-based MediAngels for an undisclosed amount in cash and stocks to enter specialty doctor consultations, corporate health services and insurance partnerships. “Our consumers can now access a deep network of over 450 super specialists across India and the world, and we also get an entry into the corporate health space through this platform,” 1mg’s co-founder Prashant Tandon said in a statement on Wednesday. Founded in 2011 by Arbinder Singhal and Debraj Shome, MediAngels is a platform for patients to seek online consultations for specialized medical cases in cardiology, cancer, neurosurgery, orthopedics and pediatrics, among other areas, from its network of doctors covering 93 specialties. “Within 1mg ecosyste...

31May By PriyankaNo Comments

FUNDING

1mg Raises Additional Series B Funding From HBM Healthcare

1mg, India’s leading consumer health platform, has raised has raised an undisclosed amount of additional Series B funding from HBM Healthcare Investments AG, the company said in a statement. In April, the company raised Rs.100 crore in the Series B round from Maverick Capital Ventures, the venture capital (VC) arm of US-based hedge fund Maverick Capital Ltd, besides existing investors Sequoia Capital and Omidyar Network. 1mg initially raised $6 million from Sequoia Capital, Intel Capital, Omidyar Network and Deep Kalra, co-founder of travel portal MakeMyTrip. The funding will help 1mg fend off competition from rivals such as Sequoia Capital-backed Practo Technologies Pvt. Ltd, which has so far raised $124 million from investors such as Tencent Holdings Ltd, Sofina SA, Google Capital ...

Exclusive Interview with 1mg Team After 100 crores Series B Funding

22Apr By NitishNo Comments

Story

Exclusive Interview with 1mg Team After 100 crores Series B Funding

1mg, India’s leading consumer health platform, announced a 100 Cr Series B investment led by Maverick Capital Ventures, the venture capital fund affiliate of Maverick Capital. Looking the deal size and work-force 1mg seems a clear leader in the digital health market in India. Founded by Prashant Tondon, Gaurav Agarwal, Vikas Chauhan and Started as HealthKartPlus, 1mg grew to become the “Wikipedia” of medicine information, highlighting saving potential of ~70-80% on medicine costs by considering alternate brands for the same generic salt and creating transparency for the consumer in an otherwise very opaque and hard to understand market. To know more about this startup, we request 1mg team for an exlusive interview regarding their recent success and future strategies. Here is what the...

India’s drug stores plan protest against online pharmacy

10Oct By AnkitaNo Comments

News

India’s drug stores plan protest against online pharmacy

Reuters- As many as 850,000 small chemist shops in India will shut for a day next week to protest against a burgeoning online pharmacy industry that is attracting big money backers. The one-day nationwide strike on Oct. 14, called by the All India Organization of Chemists and Druggists (AIOCD) comes as a government panel started working on regulations for the sector. Healthcare provider Apollo Hospitals Enterprise Ltd plans to start online drug sales in India, while Zigy, and Sequoia Capital-backed 1mg already have e-pharmacies to tap a retail market IMS Health says is worth about $13 billion. (more…)