Sistema Asia Capital, one of the corporate venturing vehicles of the Russian conglomerate AFK Sistema, and Cambodian investment holding company Tanncam, have invested for the second time in Indian healthcare startup Netmeds. As reported by Techiexperts, they have just participated (with undisclosed contribution) in a $35 million Series C round which also involved Daun Penh Cambodia Group (DPCG).
The Netmeds online marketplace makes a wide range of health, fitness and lifestyle related products available across India. It was founded by Indian entrepreneur Pradeep Dadha in 2010.
Sistema Asia Capital and Tanncam had already put $14 million in the startup less than a year ago, as reported by East-West Digital News. Among the earlier investors in the startup were investment bank MAPE and OrbiMed Asia, along with Pradeep Dadha and his family.
Initially known as Sistema Asia Fund, Sistema Asia Capital targets essentially startups operating in the technology and niche consumer retail segments in India and Southeast Asia. The fund has established its headquarters in Singapore and an office in India.
Since its inception in early 2016, Sistema Asia Capital has invested in a variety of Indian startups, including (non exhaustively):
- EDRM solution provider Seclore (participation in a $12 million funding round in 2016);
- Gifting card startup QwikCilver (participation in a $10 million round in 2016);
- Fashion discovery app Woolpr (participation in a $3 million round in 2017);
- Online financing company Lendingkart (participation in a $10.7 million round in Sept.2017);
- E-health and fitness platform HealthifyMe (participation in a $12 million round in early 2018);
- Food delivery startup Faaso (participation in a $15 million funding round in July 2018).
