Chennai-based online pharmacy Netmeds has raised around ₹248 crores in series C funding Southeast Asian business group Daun Penh Cambodia Group (DPCG), along with other existing investors.
Existing investors that participated in the round include Sistema Asia Fund, a Singapore-based venture capitalist firm; and Cambodian investment holding company Tanncam Investment.
The funds raised will be used to expand outreach through marketing, enhancing the customer experience by expediting delivery, along with accomplishing its goal of providing quality medication accessible to more customers.
Netmeds was founded by Pradeep Dadha in 2010. It is an online marketplace offering a wide range of prescriptions and other health products available across the country.
It provides affordable products across various categories including prescriptions, fitness, personal care, family care, and lifestyle.
According to Dr Philip Zimmer, investment adviser for this recent funding, an in-depth analysis was conducted before getting into this deal. “We met Pradeep Dadha and his team, and were thoroughly convinced that they had the vision and the profound experience to scale this business and become one of India’s great brands in e-commerce.”
The startup claims to have served over 2 lakh customers in more than 800 cities across the country. It also provides an app which can be used to order medicines. The app is available on both Android and iOS devices.
Netmeds last raised $14 million in a funding round from Sistema Asia Fund and Tanncam Investment in October 2017.