India Digest: NetMeds raising debt from parent firm; CleanseCar raises pre-Series A capital

Auto factory. Photographer: Stefan Kleinowitz/Bloomberg

Online pharmacy Netmeds is raising close to Rs 250 crore from a slew of investors, while vehicle services startup CleanseCar has raised $2 million in a pre-Series A funding round.

NetMeds raising $35.71m from parent firm

Online pharmacy Netmeds is raising close to Rs 250 crore ($35.71m) as convertible debt from its parent entity Tresara Health Pvt Ltd, Entrackr.com reported.

The corpus will help the Chennai-headquartered company to ensure smooth functioning of its operations and scale-up presence, the report further added.

This funding comes in after the company raised Rs 86 crore in lieu of equity from Tresara Health between December 2018 and July this year.

Established in 2015, Netmeds (backed by Sistema Asia Fund and Tanncam Investment, among others) sells prescription and over-the-counter drugs, and personal care products, such as face creams, sanitizers, baby and infant accessories, as well as medical devices and surgical accessories.

CleanseCar raises $2m Series A round

Vehicle services startup CleanseCar has raised as much as $2 million in a pre-Series A funding round from a host of investors to expand its services, per a report by YourStory.

Investors who infused capital in the current funding round include Haldiram’s Family Office, Apoorv Ranjan Sharma (Founder, Venture Catalysts), Dhianu Das (Alfa Ventures), Karan Kumar (Founder, Amalthea Capital), Rahul Bothra (CFO Swiggy), and Mitesh Shah (Ex CFO Ola, CFO BookMyShow, Co-founder IP Ventures), the report said.

Set up in January 2018, CleanseCar offers services such as daily car wash and on-demand bike facility, besides giving roadside assistance for cars.

The company plans to use the corpus to expand its network and give a facelift to its services.

CleanseCar is reportedly targeting to wash one lakh cars on a daily basis and provide 25,000 on-demand bike services every month in the metro cities.