Online pharmacy startup NetMeds has acquired telemedicine startup JustDoc in a cash-and-stock deal of nearly $1 Mn. Started in 2015 by IIT graduates Jugal Anchalia and Abhishek Kumar, JustDoc is an online medical consultation portal, which connects patients with doctors through their platform.
Post-acquisition, the JustDoc team will be fully absorbed by NetMeds. Furthermore, NetMeds plans to integrate JustDoc’s technology and soon it will roll out new services.
Commenting on the acquisition, Pradeep Dadha, Founder and CEO of Netmeds, said, “The acquisition of JustDoc brings an extensive and experienced physicians’ network, which will be the perfect addition to our present range of products and services at this stage in our growth plan.”
Founded in 2010 by Pradeep Dadha, Netmeds is a licensed pharmacy marketplace that offers prescribed medicine and healthcare products to more than 3,000,000 patients over 19,000 pin code in India. The company has eight fulfillment centres located in Chennai, Bengaluru, Hyderabad, Delhi, Pune, Ahmedabad, Raipur and Kochi from where it delivers products to the customers. Netmeds claims that it has seen double-digit growth rates month-on-month since inception.
“Netmeds will continue to expand the scope of its offerings to include diagnostics, lifestyle-related consulting, and a patient ‘peer-to-peer’ social network channel. Adding end-to-end video consultation workflows can make the whole process of providing high quality and affordable healthcare services far more efficient,” Dadha adds.
This is the second acquisition by the company in the last two years when it had acquired Delhi-based hyperlocal medicine delivery startup Pluss in November 2016.
Netmeds has raised a total of $99M in the last three funding rounds. The startup counts Sistema Asia Fund, Tanncam Investment, OrbiMed and other as its investors. However, Netmeds is not only the player in the online pharmacy space. The startup has some of the strong competitors such as LifCare, Medlife, MedPlus, 1mg, and PharmEasy, among many others.