Comments
Sistema Asia Fund, a venture capital fund sponsored by Russia’s Sistema PJSFC, has marked its second exit with the sale of its stake in online pharmaceutical marketplace Netmeds.
The deal was part of the transaction in which Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd (RIL), acquired the e-pharmacy startup.
READ THE STORY: Reliance Retail acquires majority stake in Netmeds for Rs 620 crore
Sistema Asia Fund first invested in Netmeds in 2017. This exit gave it “attractive returns” as the startup grew four times in size over the past three years. The deal also marks Sistema Asia Fund’s second exit and monetisation, after selling its stake in Qwikcilver in March 2019, it said in a statement.
“Since investing in Netmeds in 2017, Sistema Asia Fund has strengthened the startup’s leadership position in the burgeoning online pharmacy market by supporting the enhancement of supply chain and distribution network, as well as exploring the viability of its international expansion,” said Andrey Terebenin, Managing Partner, Sistema Asia Capital.
The fund focuses on investing in technology-enabled, consumer and business-oriented startups in India and Southeast Asia.
Following its exit from Netmeds, Sistema Asia Fund is still an investor in eight companies including Licious (a direct-to-consumer meat and seafood brand), Rebel Foods (a multi-brand full stack online food-on-demand app), Uniphore (a conversational AI technology company), Lendingkart Technologies (an online financing company assisting SMEs with financing working capital for SMEs), HealthifyMe (a health and fitness mobile app), Seclore (an enterprise data security company) and Kissht (a consumer lending FinTech platform).
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.