Tanncam Investment – an Uzbeki-owned investment company registered in Cambodia – has invested $10 million into Netmeds, India’s leading online pharmacy.
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The operation is the company’s second biggest investment to date.
Tanncam Investment focuses on early-stage venture capital start-ups and strategic investment opportunities.
Anthony Galliano, CEO of Cambodian Investment Management, who provided advice to Tanncam Investment during the decision-making process, said Netmeds is changing the paradigm in the pharmaceutical market.
“We strongly believe in the merits of the investment,” Mr Galliano said, adding that the move was part of Tanncam’s second round of financing.
“This demonstrates Cambodian companies can also invest offshore in larger economies. All the corporate finance work was done locally, validating that Cambodia has the skills and capability to handle deals of this size and sophistication,” he said.
Pradeep Dadha, CEO of Netmeds, said the move reflects renewed confidence in the industry and its future, brought about by new legislation regulating online pharmacies.
“This new seal of approval and legitimacy has reignited interest from both investors and consumers. We also believe that the investments demonstrate a healthy appetite for Indian healthcare products owing to their massive potential,” said Pradeep.
“The investment will be used to continue to build upon our consumer base and expand our reach to more locations in the country. Awareness, accessibility and affordability are the key factors that have made Netmeds a favourite among Indian consumers.
“This is reflected in our growing reach, especially in tier-2 and 3 cities, rural towns and villages which lack the options and choices that metro dwellers enjoy, and our platform brings medicines and healthcare within their reach digitally.”