Online Pharma Netmeds Raises $35 Million in Series C Funding
Chennai-based online pharma chain Netmeds has raised $35 million in Series C funding from its existing investors and Daun Penh Cambodia Group (DPCG). The funding has been raised to increase the online presence of the company.
NetMeds had raised $14 million from Tanncam in October last year. In 2015, it raised $ 50 million from private equity firm OrbiMed and investment banker Mape.
Pradeep Dadha, Founder of Netmeds, 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 offers both prescription drugs and non-prescription (OTC) products. The company competes with mChemist, Medikoe, BigChemist and pharmacy platform 1mg.