Chennai-based online pharmacy firm Netmeds.com has raised $35 million in funding from Daun Penh’s investment holding, Singapore, and existing investors. Daun Penh was joined in the round by existing investors Sistema Asia Fund and Tanncam Investment. MAPE, the Indian investment bank that has been involved with Netmeds since inception, teamed with co-arranger Cambodian Investment Management for this Series C funding round.
Pradeep Dadha, chief executive officer and founder of Netmeds.com, said the money will be used to ensure the double-digit month-on-month growth it currently enjoys. Netmeds aims to leverage the capital infusion for expanding its reach.
Dadha said the company will use the new funds “to both increase awareness through marketing efforts as well as enhance the customer experience, which means more stock and expedited deliveries.”
The investment adviser for the transaction was Philip Zimmer, one of the founders of Consus Partner, Frankfurt/Phnom Penh.
Kirill Kozhevnikov, managing director and partner, Sistema Asia Fund Advisory, said: “We continue to believe in India as a huge and fast-growing market, in the online pharmacy business as one of the hottest sectors in Indian e-commerce, and in the strong founding team as an enabler for Netmeds’ leadership in the space.”
The future plans of the company include partnership with other pharma/nutritional companies to use data analytics and enable the targeting of specific patient groups. Netmeds.com currently has eight fulfillment centres operational across Chennai, Bengaluru, Hyderabad, Delhi, Pune, Ahmedabad, Mumbai, Kolkata and Kochi, and will operationalise six more to ensure efficient and quicker deliveries across India.