Sistema Asia Fund Exits Netmeds with US$120M Fund Close
Sistema Asia Fund is set to conclude its first fund this year at US$120 million, marking its second successful exit. The fund has sold its stake in Netmeds, one of India's leading online pharmaceutical marketplaces.
Sistema Asia Fund first invested in Netmeds in 2017. Since then, it has supported the startup's growth by bolstering its supply chain and distribution network, and exploring international expansion. This exit will gather attractive returns, thanks to Netmeds' impressive growth over the past three years.
The deal is part of Reliance Retail Ventures Limited's acquisition of Netmeds. Reliance Industries acquired a majority stake in the startup in 2021. The acquisition is expected to accelerate Netmeds' growth and establish it as the leader in the online pharmacy sector. Netmeds, founded by Pradeep Dadha in 2010, serves over 4 million customers nationwide, offering online medicine purchase, subscriptions, lab tests, health checkups, and online doctor consultations. The startup saw high demand during the Covid-19 pandemic, with medicine deliveries reaching over 14,000 regions across India.
Sistema Asia Fund's exit from Netmeds is a testament to its successful investment strategy. The fund, sponsored by Sistema PJSFC, focuses on technology-enabled, consumer, and business-oriented startups in India and Southeast Asia. With this exit, Sistema Asia Fund is set to close its first fund at US$120 million, preparing for its next phase of investments.
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