Netmeds raises $14 million in latest funding round from investment funds Sistema and Tanncam
Netmeds, India’s leading healthcare e-commerce portal closed its latest
round of funding in which it has secured an investment of $14 million. The funding round was led by
Tanncam, a Cambodian investment holding company, which was joined by Sistema Asia Fund, the India-centric venture fund, spun off by, Sistema, Russia's largest public investment holding company.
Commenting on the announcement, Pradeep Dadha, CEO, Netmeds said, “We believe that this round of
funding reflects a renewed confidence in the industry and its future, 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.”
Pradeep Dadha added, “The investment 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 favourite among Indian consumers. This is reflected in our growing reach, especially in tier-2 and 3 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.
Tanncam Investment is an investment holding company incorporated under the laws of the Kingdom of Cambodia which invests globally in early-stage venture capital start-ups and strategic investment
opportunities. Financial services company Cambodian Investment Management acted as Adviser on the
transaction for Tanncam and it’s CEO Anthony Galliano commented
“Cambodian Investment Management was delighted to conduct the due diligence, valuation, and negotiations for this corporate finance transaction on behalf of Tanncam. Netmeds is changing the paradigm in the pharma market in India and we strongly believe in the merits of the investment”.
The other investor in this round, Sistema Asia Fund Private Ltd., is a venture firm specialising in start-
ups, early stage, mid-stage, Series-A, Series-B, and Series-C investments. The fund was created by
Russian conglomerate Sistema JSFC with the goal of increasing their engagement with the Indian start-
up ecosystem and capitalise on emerging opportunities. Kirill Kozhevnikov, Managing Director, Sistema Asia Fund said, “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. We have been very impressed by the way Netmeds has been altering the scenario of healthcare accessibility in India and are delighted to be able to contribute towards its larger mission in the country.”
Tanncamm and Sistema will join early investors Investment Bank MAPE and OrbiMed Asia, along with
Pradeep Dadha and his family as equity stakeholders in Netmeds.
About Netmeds.com
Netmeds Marketplace Pvt. Ltd. is India’s leading online pharmacy that offers customers complete ease
of shopping for medicines and other healthcare products through its 24×7 online portal, mobile
application and customer care call centres. Netmeds’ strong focus on technology and its backward
integration model allow for the option of same-day delivery and incredible discounts on its 100%
authentic products. With a pan-India potential and an exclusive, wide range of prescription drugs and
supplements, Netmeds is poised to take over the country’s market and become- as its incredibly
successful ad campaign asserts- ‘India ki Pharmacy’.
Akash Boaz
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