Online pharmacy Netmeds raises Rs 247 crore in Series C funding

New Delhi: Netmeds, online pharmacy announced securing funding worth USD 35 million ( Rs 247 crore) from Daun Penh's investment holding and existing investors.

Hailing the fresh funding, Pradeep Dadha, CEO and Founder Netmeds.com said the money would be used to ensure that the company "stayed the course" with regard to the extraordinary double-digit month-on-month growth it has enjoyed since inception.

"Daun Penh was joined in the round by the existing investors Sistema Asia Fund, and Tanncam Investment. MAPE, the Indian investment bank which has been involved with Netmeds since inception teamed with co-arranger Cambodian Investment Management for this Series C funding round," added Dadha.

"Netmeds team will use the new funds "to both increase awareness through marketing efforts as well as to enhance the customer experience, which means more stock, more FC's and expedited deliveries," he added.

He iterated that the company fully expects, and are prepared to welcome millions of Indians as members of the Netmeds family.

"These regulations are something that we and other stakeholders have worked hard on for more than 3 years. Their passage is a big win for many, but, the biggest winners are the people, who are now assured unrestricted access to affordable medicine, no matter where they are," added Dadha.

"We were very impressed with Mr. Dadha's family legacy in healthcare and the idea of building a business that would not only succeed as a venture but would also improve lives. That has been our goal in Cambodia and we are proud to play a part in this, and excited about our expansion into one the world's largest and fastest growing economies," said Oknha ING Bun Hoaw, a recognized visionary business leader in Cambodia.

"Netmeds continues to astonish on the upside with outstanding execution on plan and strategy and performance beyond expectations. I remain firmly confident and inspired by the management team and am pleased with the further financial commitment by Tanncam Investment," said Anthony Galliano, CEO Cambodian Investment Management.

"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," said MD and Partner, Sistema Asia Fund Advisory, Kirill Kozhevnikov.