India-based online pharmacy NetMeds has raised $35m in a series C round that included medicine importer and distributor Daun Penh Cambodia Group, Inc42 reported on Saturday.
Sistema Asia Fund, a regional investment vehicle of conglomerate Sistema, also backed the round, as did investment holding firm Tanncam Investment.
Founded in 2010, NetMeds operates an online pharmacy that provides both over-the-counter medicine and prescription drugs as well as a range of healthcare products.
The money will go towards expansion efforts as the company seeks to reach more users across India, where it claims to have served customers in more than 800 cities to date.
Sistema Asia Fund and Tanncam previously injected $14m in series B funding in October 2017, after investment firm OrbiMed and investment bank Mape provided $50m in series A capital in 2015 alongside founder and chief executive Pradeep Dadha’s family office.
Dadha 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.”