Cambodia’s Tanncam, Sistema Asia Fund Infuse $14 m into Netmeds
Mumbai: Healthcare ecommerce company Netmeds has secured $14 million (about ₹ 100 crore) in a series-E funding round led by Cambodian investment firm Tanncam to fuel its expansion plans. The other investor was Indiacentric venture fund Sistema Asia Fund.
“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,” Netmeds CEO Pradeep Dadha said. “We also believe that the investments, both made by international funds, demonstrate a healthy appetite for global investment in the Indian consumer products market, and healthcare in particular, owing to its massive potential.”
People aware of the development said the capital infusion was in return for15% stake in the company, which is being valued at $100 million. Investment Bank Mape was the advisor to the transaction, they said. ET could not independently verify the stake sale.
According to Dadha, the company that serves about15,000 pin codes in India, mostly tier-II and III cities, has been growing at a 26% CAGR month-on-month. “We expect to maintain the same rate of growth,” Dadha said. The company will build upon its consumer base and expand its reach to more locations in the country. “This is reflected in our growing reach, especially in tierII and III cities, rural towns and villages which lack options and choices that metro dwellers enjoy and our platform brings medicines and healthcare within their reach digitally,” he said.