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Online pharmacy Netmeds acquires JustDoc for nearly $1 mn

Franchise India Bureau
Franchise India Bureau Sep 26 2018 - 1 min read
Online pharmacy Netmeds acquires JustDoc for nearly $1 mn
As part of the deal, Netmeds will absorb the team of JustDoc.

Chennai-based online pharmacy NetMeds has acquired telemedicine portal JustDoc in a cash-and-stock transaction of nearly $1 million.

This is the second acquisition made by the company. Last year, it had acquired hyperlocal drugs delivery startup Pluss.

Pradeep Dadha, Chief Executive 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."

As part of the deal, Netmeds will absorb the team of JustDoc.

Post the closure of the acquisition, all the investors of Bengaluru-based JustDoc are believed to be exiting the startup. These investors include former Infosys Senior Executive TV Mohandas Pai, InMobi's Co-founder Mohit Saxena, TaxiForSure's Co-founder Raghunandan G, Singapore Angel Network and Tracxn Labs among others.

"We were looking to add diagnostic services, given that our aim is to provide a more holistic health platform to our consumers, particularly those dealing with chronic health issues. Getting into diagnostics and telemedicine was a critical part," Pradeep further added.

The Chennai-based Netmeds last raised $35 million in Series C funding from its existing investors and Singapore-based Daun Penh Cambodia Group (DPCG).

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