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Netmeds raises $ 35 mn in Series C funding

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netmedsPharma firm Netmeds raised $ 35 million (over Rs 3.2 billion) in Series C funding round from Daun Penh’s investment holding, Singapore, and existing investors, the company announced on Saturday.

Existing investors Sistema Asia Fund and Tanncam Investment also participated in the funding round.

Pradeep Dadha, CEO and Founder, Netmeds.com, said the company would use the funding to increase awareness through marketing efforts as well as to enhance the customer experience.

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, he added.

Chennai-based online pharma chain was founded in 2010 by Pradeep Dadha. The startup offers authenticated prescription and over-the-counter (OTC) medicine digitally along with other health products.

Earlier in October 2017, the pharma company had raised $ 14 million from Cambodian investment holding company Tanncam and venture capital firm Sistema Asia Fund.

Netmeds has an inventory of 35,000 stock keeping units (SKUs) of prescription drugs and 5,000 SKUs of over-the-counter (OTC) products.

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