Other details of the transaction are not known.
As per the deal, Pluss operations, staff and facilities in Delhi will continue to exist but under the Netmeds banner. As part of talent augmentation strategy within the acquiring brand, certain key Pluss senior leaders will relocate to Chennai and work out of the Netmeds headquarters.
The deal will bring Netmeds’ head count to a total of about 450, and double its penetration in the region
“This acquisition makes a lot of sense for us, since it allows us to scale quicker, and shorten the delivery interval and improve efficiencies in Tier 1 Metros,” said Netmeds CEO Pradeep Dadha.
“Most importantly, we further strengthen the Netmeds talent pool with people who bring on board a rich understanding of the space and technology. They have exhibited their mettle over the past year, and have contributed in giving Pluss good traction and an impressive customer base. We look forward to working with them, integrating their innovative thinking and the goodwill they bring into our brand,” he added.
Pluss was incorporated in 2015 by Jain, Madhulika Pandey and Tarun Lawadia after witnessing the country’s largely unorganised healthcare industry. It has its own fleet of delivery executives to fulfil the orders on time. The team, comprising licensed pharmacists and trained delivery executives, is equipped to handle medicine properly and make sure that they are delivered with utmost care, it claims.
Pluss delivers products irrespective of one’s location and the store from where the medicines come from. In addition to medicines, Pluss also deals in baby care, pet care, personal wellness and daily essential products as well.
A year ago, Pluss raised US$1 million in pre-Series A round of funding from IDG Ventures India, with participation from Singapore-based m & s partners, and US-based Powerhouse Ventures.
“We were being courted by a couple of big players but when it was time to pick a team, we decided to go with the undisputed leader. We felt Netmed’s unmatched legacy in the pharma space, and the strides made in brand building, made them the clear choice for us,” said Pluss CEO and Co-founder Atit Jain.
Started in 2010, Netmeds an e-commerce shop for medicines and other healthcare products. Netmeds.com currently has eight fulfilment centres operational across Chennai, Bangalore, Hyderabad, Delhi, Pune, Ahmedabad, Raipur and Kochi.