International Business & Economy Indian online pharmacy gets boost from Cambodian fund

Indian online pharmacy gets boost from Cambodian fund

Author

Date

Category

- Advertisement -

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.

- Advertisement -

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.

Send in your scoop to news@theindependent.sg 

- Advertisement -

JTC issues stop-work order on contractor that ‘erroneously’ cleared Kranji woodlands

Singapore – The contractor that “erroneously” cleared a forested area at Kranji has announced it has been issued a stop-work order by JTC and is assisting the developer with investigations on the issue. On Feb 16, state-owned industrial property developer JTC responded...

Clementi, Dover, Kranji: Singapore’s grand conservation plan is to plant trees and destroy forests

Yes, we love to plant trees. Since Lee Kuan Yew started the whole ritual, at least 10,000 saplings are planted every year since 1963 as part of the Tree Planting campaign. Impressive indeed. Singapore Clean and Green. At the same time,...

Ex-UOB vice-president charged with mishandling over S$5.4 million

Singapore—Sixty-five-year-old Ling Shek Lun, who used to be a  vice-president at UOB, has been charged with mishandling millions of dollars, reported straitstimes.com (ST) on Friday (Feb 19). Ling, a Singaporean who was charged in district court on Feb 10, faces two charges...

Send in your scoop to news@theindependent.sg 

Theindependent