Indian online pharmacy Netmeds.com has secured $35 million in funding from one of the leading Southeast Asian business groups, Daun Penh Investment Holding, Singapore and existing investors, in what could be the biggest Cambodian investment in a foreign company.
“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,” said Pradeep Dadha, CEO and founder Netmeds.com.
Hailing the fresh funding, Mr 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.
“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 said.
He said the company fully expects, and are prepared to welcome millions of Indians as members of the Netmeds family.
The co-arranger for this Series C funding round, Cambodian Investment Management’s CEO Anthony Galliano, said 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 Mr Galliano.
Oknha Ing Bun Hoaw, a recognised visionary business leader in Cambodia said, “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 Mr Hoaw.
Meanwhile, Kirill Kozhevnikov, managing director at Sistema Asia Fund, said the online pharmacy business is one of the hottest sectors in India’s e-commerce segment.
“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 Mr Kozhevnikov.