Kolkata-based SastaSundar.com, an online medicine and healthcare products marketplace has raised Rs 100 crore ( ~ US$ 14 Mn) from Japan’s Mitsubishi Corporation. The Japenese will pick up an undisclosed stake in the startup, reported Times of India.
According to Times of India report, the Mitsubishi investment in SastaSundar will give the Kolkata-based startup a valuation of over Rs 500 crore ( ~ US$ 70 Mn). SastaSundar Healthbuddy has a revenue of over Rs 220 crore. “The company would cross Rs 300crore mark in the next one-two years,” an official added.
The fresh funding is a part of the fund raised for expansion of SastaSundar and is after the recent investments of Rs 70.49 crore by Rohto Pharmaceuticals, Japan. In May 2017, the startup had raised $5 million in funding from Rohto Pharmaceutica, which too is based out of Japan and a 70-year-old pharmaceutical manufacturer headquartered in Osaka, Japan.
SastaSundar Ventures, a group holding firm, is the majority owner of the company with 83% stake, while Rohto has around 17% in SastaSundar.
Founded in 2013, by B L Mittal and Ravi Kant Sharma, SastaSundar is aiming to use the knowledge and best in class technology to reduce cost and to add convenience in making available medicine, healthcare products and other useful products with high quality.
Earlier this month, one of the main companies of Mitsubishi Group, Mitsubishi UFJ Financial Group (MUFG), acquired significant stakes in several Indian companies, including Dr Reddy’s, Tech Mahindra, Tata Global Beverages, Godrej Consumer, Marico and Cyient through acquisition of entities that hold shares of the companies.