Cambodia’s Daun Penh Investment has just infused Series C funding to Netmeds India with Sistema Asia Fund, Tanncam Investment, and Indian investment bank MAPE participating in the round
Cambodian investment management firm Daun Penh Investment has announced that it has infused a total of US$35 million in Series C funding to Netmeds, the Indian online pharmacy service. The funding was announced in time with the company’s mission to expand its reach and make quality medication and healthcare accessible and affordable to more Indians.
The funding is also considered a timely move considering India’s government has announced the final amendment to the Drug and Cosmetic Act which recognised the e-pharmacy business via Ministry of Health & Welfare.
“These regulations are something that we and other stakeholders have worked hard on for more than 3 years. 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,” said Pradeep Dadha, CEO and Founder of Netmeds.
Prominent business leader Oknha ING Bun Hoaw said that the idea of building a business would improve lives has been the goal in Cambodia. “We are proud to play a part in this, and excited about our expansion into one the world’s largest and fastest growing economies,” he said.
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