In what is deemed as the biggest Cambodian investment in a foreign company, Indian online pharmacy Netmeds.com has secured $35 million in funding from one of the leading Southeast Asian business group, Daun Penh’s investment holding, Singapore and existing investors.
It is rare for Cambodian companies to make huge investments abroad and this seems an exception.
The co-arranger for this Series C funding round, the Cambodian Investment Management’s CEO Anthony Galliano said, Netmeds continues to astonish on the upside with outstanding execution on plan and strategy and performance beyond expectations.
“I remain firmly confident and inspired by the management team and am pleased with the further financial commitment by Tanncam Investment,” said Mr Galliano.
Daun Penh was joined in the round by the existing investors Sistema Asia Fund, and Tanncam Investment.
“MAPE, the Indian investment bank which has been involved with Netmeds since inception teamed with co-arranger Cambodian Investment Management for this Series C funding round,” said Pradeep Dadha, CEO and Founder Netmeds.com the Khmer Times reported today.
Hailing the fresh funding, Mr Dadha 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 team will use the new funds “to both increase awareness through marketing efforts as well as to enhance the customer experience, which means more stock, more FC’s and expedited deliveries,” he said.
He said the company fully expects, and are prepared to welcome millions of Indians as members of the Netmeds family.