Sistema Asia Fund sells its stake in Netmeds, exit is part of RIL deal

Sistema Asia Fund has said that it has sold its stake in Netmeds. The deal is part of the transaction in which Reliance Retail Ventures Limited acquired the e-pharmacy start-up for around Rs 620 crore.

Sistema did not share any numbers on the company’s investment in Netmeds and was silent about the stake it held and the returns.

Sistema Asia Fund is a venture capital fund sponsored by Sistema PJSFC, a publicly-traded diversified Russian holding company.

In a statement, Sistema Asia Fund said it first invested in Netmeds in 2017 and that the exit will fetch attractive returns for it as as the online pharmaceutical start-up grew 4x over the past three years.