India's Netmeds gets $45m Series C round

Other contributors included Daun Penh Cambodia Group and Cambodia's Tanncam Investment. Pradeep Dadha, CEO and founder of Netmeds, said the capital would be used to ensure the company "stayed the course" with regard to a month-on-month growth rate claimed to be at last 10% since inception.

Founded in 2015, Netmeds describes itself as the first player to offer a pan-India solution for the quick online purchase and fast delivery of prescription medications. The company operates a fully licensed pharmaceuticals portal that offers authenticated prescriptions and over the counter medicine along with other health products. It has served more than two million customers in over 800 cities.

The investment coincides with an announcement from the Ministry of Health that it would finalize an amendment to the Drug & Cosmetic Act that effectively legitimizes online pharmacies as a government-authorized business model.

"These regulations are something that we and other stakeholders have worked hard on for more than three years," Dadha said in a statement. "Their passage is a big win for many, but, the biggest winners are the people, who are now assured unrestricted access to affordable medicine, no matter where they are."  

Tanncam led a $14 million round for Netmeds last year that included participation from Sistema. In 2015, OrbiMed led a $50 million round for the company with support from MAPE Advisory Group and Dadha's family. The family's pharmaceutical experience dates back to 1914. It entered into drug manufacturing in 1972.

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• Topics
• South Asia
• Healthcare
• Expansion
• India
• Pharmaceuticals
• TMT