BEENEXT leads $1 mn round in GramFactory; Netmeds may raise $100 mn: Reports

BEENEXT leads $1 mn round in GramFactory; Netmeds may raise $100 mn: Reports
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9 May, 2019

GramFactory, which enables small retailers to bulk-purchase FMCG products, raised $1 million (Rs 7 crore at current exchange rate) in a funding round that took place three to four months ago, two persons in the know told online publication Entrackr .

The round was led by BEENEXT, a venture capital firm based in Singapore, and joined by Tracxn labs, AL Trust, Amrish Rau from PayU, ex-Paytm executive Amit Lakhotiya, and Ranjan Kant from Boston Consulting Group. Others included Nilmani Gautam of NBK Capital and Joshua Kurian of Johnson & Johnson.

This year in March, TechCircle had reported that Navneet Singh had started GramFactory nearly three years after the shutdown of a hyperlocal services firm that he had co-founded, PepperTap.

TechCircle’s emailed queries to GramFactory did not get any response till the time of publishing this report. GramFactory is owned by Addistro Technologies Pvt. Ltd.


Online pharmacy Netmeds Marketplace Ltd has roped in financial services company Credit Suisse to help it raise $100 million (Rs 699 crore at current exchange rate), three persons told Mint, asking not to be named.

Credit Suisse will scout for strategic and financial investors, said one of the persons.

Apart from over-the-counter and prescription medicines, Netmeds also sells personal-care products, medical devices and accessories for infants. Users can order their medicines via the firm’s web portal or mobile app.

The company claims to have eight fulfilment centres in Chennai, Bengaluru, Hyderabad, Delhi, Pune, Ahmedabad, Raipur and Kochi.

Pradeep Dadha, chief executive of Netmeds, founded the company in 2010. The firm claims to provide prescription medicine and healthcare products to more than 300,000 patients across India, and serve over 19,000 PIN code areas.

In September last year, Netmeds had raised $35 million (Rs 247 crore then) in a Series C funding round led by Singapore-based Daun Penh Cambodia Group and joined by previous investors Sistema Asia Fund, the venture capital arm of Russian conglomerate Sistema JSFC, and Tanncam Investment, a Cambodian investment holding company.

This year in March, Netmeds acquired health-tech startup KiViHealth in a cash-and-stock transaction.

Netmeds competes with 1mg, PharmEasy and others.