India-based online pharmaceutical retailer Netmeds has received $14m in funding from investors including Sistema Asia Fund, a corporate venturing unit operated by conglomerate Sistema, Times of India reported yesterday.
Sistema was joined in the round by investment holding company Tanncam. The funding follows a $50m multi-tranched round in late 2015 that was led by US-based life sciences investment firm OrbiMed.
Formed by pharmaceutical retail group Dadha & Company, Netmeds runs an online platform that offers prescription medicines and other health and wellness products such as vitamins, diet, fitness and herbal supplements, and baby and childcare products.
The company’s existing investors include its founder and CEO Pradeep Dadha, investment bank Mape and OrbiMed offshoot OrbiMed Asia. It will put the funding into marketing and warehousing activities.
Pradeep Dadha said in a statement: “We believe that this round of funding reflects a renewed confidence in the industry and its future, brought about by both the [goods and services tax] and the government’s release of the draft of rules governing online pharmacies.”