The investment will be used to continue to build upon Netmeds’ consumer base and expand its reach to more locations in the country
Online pharmacy Netmeds has raised $14 million (over ₹90 crore) in the latest round of funding from Cambodian investment holding company Tanncam and venture firm Sistema Asia Fund.
Tanncam and Sistema will join early investors investment bank MAPE and OrbiMed Asia, along with Pradeep Dadha and his family, as stakeholders in the company, Netmeds said in a statement.
Pradeep Dadha, CEO, Netmeds said, “We believe that this round of funding reflects a renewed confidence in the industry and its future, brought about by both GST and the government’s release of the draft of rules governing online pharmacies.”
The investment will be used to continue to build upon Netmeds’ consumer base and expand its reach to more locations in the country, he added.
“Netmeds is changing the paradigm in the pharma market in India and we strongly believe in the merits of the investment,” Anthony Galliano, CEO, Tanncam said on the development.
“We work with many start-ups and young entrepreneurs, but Netmeds is unique among them because it is led by such a strong and seasoned leadership,” Kirill Kozhevnikov, MD, Sistema Asia Fund said.
Netmeds offers customers ease of shopping for medicines and other healthcare products through its online portal, mobile application and customer care call centre.