Netmeds acquires KiViHealth with ₹70 crores Fund Commitment

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Chennai-based online pharmacy retailer Netmeds has acquired clinic management platform KiViHealth in a cash and stock deal. Netmeds has committed a ₹70 crores fund as a part of the deal to integrate and grow KiViHealth’s business segment. The integrated is expected to complete by the end of 2019. Netmeds will hire more than 250 people including KiViHealth’s existing team in the next 18 months.

Bhanu Mahajan and Rajandeep Singh founded KiViHealth to provide cloud-based AI-powered doctor-patient collaboration tools to allow doctors to generate digital prescriptions. The Ahmedabad-based startup counts over 3,100 hospitals and health centres in its network.KiViHealth claims to manage over 2 million patient records and serves over 2,000 doctors through its mobile and web application.

KiViHealth is the third acquisition for Netmeds since its inception. The pharmacy e-tailer earlier acquired JustDoc in September 2019 and Delhi-based hyperlocal drugs delivery startup Pluss in November 2016. Netmeds believes that this acquisition will help it transform itself into a complete healthcare product and service company and enable it to compete with 1mg, Lybrate, mChemist and few others.

Netmeds has raised around ₹700 crores ($100 million) in risk capital across three funding rounds and has served more than 3.7 million customers in 610 cities and towns across the country. The startup witnessed a 2.5X jump in its revenue up from ₹3.94 crores in FY17 to ₹10.05 crores in FY18.

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SW Staffhttps://startupwonders.com/guestpost
Startup Wonders provide startup resources, stories and news to help budding entrepreneurs grow and succeed in their business career.

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