Soon after raising $35 million Series C fund, online pharmacy NetMeds has acquired e-consulting portal JustDoc in a cash-and-stock deal.
Following the acquisition, which is believed to be about $1 million deal, the whole team of JustDoc will be absorbed by NetMeds. The deal will also give exit to JustDoc existing investors such as TV Mohandas Pai, InMobi cofounder Mohit Saxena, TaxiForSure cofounder Raghunandan G, and several others.
According to Pradeep Dadha, CEO, NetMeds, the firm was looking to integrate diagnostic and telemedicine into its platform to reach out to more patients dealing with chronic health issues. The acquisition of JustDoc brings an extensive and experienced physicians’ network for it.
This is the second acquisition for NetMeds after it acquired Delhi-based hyperlocal drugs delivery startup Pluss in November 2016. The latest acquisition is funded from the proceed of company’s $35 million equity round led by Daun Penh’s investment holding, Singapore.
Founded in 2015 by Jugal Anchalia, Abhishek Kumar and Vikash Singh, JustDoc offers round the clock end-to-end video consultation through the website and mobile app.
The startup has over hundreds of doctors from renowned hospitals such as Apollo Hospitals, Fortis Hospital and Manipal Hospitals and it offers consultation for general medicine, psychology, gynaecology, dermatology, paediatrics, and several others.
On the other hand, NetMeds that competes with 1mg, Lybrate, mChemist and few others has served more than 3,000,000 customers in over 800 cities and towns, across 19,000+ pin codes in India, said the company’s press statement.
The startup has so far raised about $100 million from the likes of Cambodian investment holding company Tanncam, venture capital firm Sistema Asia Fund, and OrbiMed.