Online pharmacy marketplace Netmeds has acquired clinic management platform KiViHealth in a cash-and-stock deal.
As a part of the deal, Netmeds has committed $10 million fund to integrate and grow the KiViHealth’s business segment. The integration will be completed by the end of 2019 and the Chennai-based startup will hire over 250 people (including KiViHealth team ) in the next 18 months.
Founded in 2015 by Bhanu Mahajan and Rajandeep Singh, KiViHealth provides cloud-based AI powred doctor-patient collaboration tools that allow doctors to generate digital prescriptions.
The Ahmedabad-based firm counts over 3,100 hospitals and health centres in its network and manages over 2 million patient records serving more than 2,000 doctors through its web and mobile app.
For Netmeds, KiViHealth is the third acquisition since its inception. Earlier, it acquired JustDoc in Septemeber 2018 and Delhi-based hyperlocal drugs delivery startup Pluss in November 2016.
With about $100 million risk capital across three institutional rounds, Netmeds claims to have served more than 3.7 million customers in more than 610 cities and towns.
The acquisition will help Netmeds to transforms the brand into a complete healthcare product and service company, additionally, it will up its ante against competitors such as 1mg, Lybrate, mChemist, and few others.
For the financial year ending on March 31, 2018, the company saw a 2.5X jump in revenue, up from Rs 3.94 crore in FY17 to Rs 10.05 crore in FY18. The losses also increased by 29.4 per cent to Rs 59.56 crore from a Rs 46.03 crore figure.