Sistema Asia Fund, one of the corporate venturing vehicles of the Russian conglomerate AFK Sistema, and Cambodian investment holding company Tanncam have injected $14 million in the Indian healthcare startup Netmeds. Among the earlier investors in the startup are investment bank MAPE and OrbiMed Asia, along with Pradeep Dadha and his family.
Sistema Asia Fund targets essentially startups operating in the technology and niche consumer retail segments in India and Southeast Asia. The fund has established its headquarters in Singapore and an office in India. It has recently announced its intention to increase its size to $100 million, up from an initial amount of $50 million.
Since its inception in early 2016, Sistema Asia Fund has participated in a $12 million funding round for Seclore, led a $10 million round for QwikCilver, and put some $3 million in Wooplr.
This past summer AFK Sistema announced its intention to launch, by the end of this year, a wholly-owned subsidiary, ‘Sistema India,’ to deepen its engagement with Indian startups.
Last month, Gagarin Capital, a US-based venture fund with Russian roots, invested an undisclosed amount in CureSkin, an Indian startup that has an AI powered application to provide derma care through mobile devices.
Source: Firrma.ru, The Times of India
