SastaSundar Healthbuddy Ltd, an Indian digital healthcare startup will receive Rs 100 Crore as investment from the Japanese conglomerate, Mitsubishi. They signed the agreement on 26th August after trading hours. Thanks to the investment, the Kolkata-based Corporation’s shares jumped 11.87% to Rs 108.85.
Founded in 2011, Sastasundar.com is a digital healthcare portal that was started with an aim to provide easy access to affordable healthcare service. It is supported by a number of pharmacies, called healthbuddies.
“The global presence of Mitsubishi will help us grow in a fascinating way,” Said BL Mittal, co-founder and executive chairman of SastaSundar. He also added that the current investment will help the company expand its operations all across India.
Indian pharmacy and healthcare sector has been in news lately for a wide-ranging investments from many foreign players. It continues to attract investors despite the slowdown of Indian economy lately.
“The investment was a milestone for us as we attempt to expand in the Indian healthcare market,” said Ravi Kant Sharma, Co-founder and CEO, SastaSundar. “With this partnership, we will be able to connect global resources with local ones.” He added
In the year 2017, Rohto Pharmaceutical had invested 32.17 Crore to acquire 13.23% share in SastaSundar Ventures. Following this investment, the healthcare startup had expanded its operations in the National Capital Region (Delhi NCR).
For the FY 2019, SastaSundar raised a revenue of Rs 218.53 Crore which was just about Rs 160 Crore in 2018.