Online pharmacy Netmeds has raised USD 14 million (over Rs 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.
Netmeds CEO Pradeep Dadha 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," Tanncam CEO Anthony Galliano 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," Sistema Asia Fund MD Kirill Kozhevnikov said.
Netmeds offers customers ease of shopping for medicines and other healthcare products through its online portal, mobile application and customer care call centre.