"We are looking at capturing three to four per cent of the market share in five years," Netmeds promoter Pradeep Dadha told PTI.
"If we manage this, we should be a USD 1 billion company by 2020," he said.
India's pharmaceutical market is estimated to touch USD 55 billion by 2020, according to a recent McKinsey report.
Drugs consumed for chronic ailments like diabetes, blood pressure and hypertension will account for around 50 per cent of it.
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They have further committed to infuse Rs 60 crore next year on branding, promotion as well as logistics, Dadha said.
Dadha is a fourth generation entrepreneur whose family used to run Tamilnadu Dadha Pharmaceuticals.
In 1997, it was merged with Sun Pharmaceutical Industries and its founder S Mohanchand Dadha (Pradeep Dadha's dad) sits on the company's board.
Netmeds will offer over-the-counter and prescription drugs online as well as pilot its 24-hour delivery in Chennai, from next week, the company said.
While online sales of drugs have lately come under the scanner, Dadha pointed out that "there are no dedicated online pharmacy laws in India and it is permissible with a legitimate licence."
Other players in the online pharmacy market include HealthKart, MeraMedicare and Apollo Pharmacy, among others.