Netmeds raises USD 14 mn from Sistema, Tanncam

Healthcare e-commerce portal Netmeds on Tuesday announced receiving latest round of funding worth USD 14 million from Tanncam, a Cambodian investment holding company, and Sistema, Russia's largest public investment holding company.

The investment, however, will be used to continue to build upon our consumer base and expand our reach to more locations in the country.

"Awareness, accessibility and affordability are the key USPs of Netmeds that have made it a favorite among Indian consumers. This is reflected in our growing reach, especially in tier II and III cities, rural towns and villages which lack the options and choices that metro dwellers enjoy, and our platform brings medicines and healthcare within their reach digitally," said CEO Netmeds, Pradeep Dadha.

Adding to this he added that the renewed confidence in the industry and its future, is brought about by both the GST and the government's release of the draft of rules governing online pharmacies.

"This new seal of approval and legitimacy has reignited interest from both investors and consumers. 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," added Dadha.