Japanese conglomerate Mitsubishi invests Rs 100 Cr in healthcare startup SastaSundar
Mitsubishi joins the likes of Softbank, Rebright Partners, Dentsu Ventures, Recruit Holding, Mistletoe Inc, and Asuka Corporation, who have turned their attention to Indian startups.
Japanese business conglomerate Mitsubishi Corporation signed an agreement to invest Rs 100 crore in homegrown healthtech startup, SastaSundar.
Last year, Mitsubishi was in news when it participated in a funding round of $140 million raised by robotic startup GreyOrange, along with Mithril Capital, Blume Ventures, and others.
The Kolkata-based startup is a subsidiary of SastaSundar Ventures that is a listed entity. SastaSundar Ventures on Monday said in a filing with the Bombay Stock Exchange (BSE) that this round of funding will be used to expand its presence geographically.
The company added, “This investment is a part of the fund raised for expansion of SastaSundar and is after the recent investments of Rs. 70.49 crores by Rohto Pharmaceuticals co. Ltd, Japan and SastaSundar Ventures Ltd”.
The company operates through its platform, “SastaSundar.com” and is fully operational in the states of West Bengal, Delhi-NCR, Jharkhand, Uttar Pradesh, and Haryana.
“The global experience of Mitsubishi Corporation will help us to scale our business and there is a match of the mission of social objective behind the business,” said the company’s founder and executive chairman B L Mittal.
Ravi Kant Sharma, Founder and CEO of SastaSundar, said, “The partnership will help us connect global resources with local care. lt is a milestone in our journey to expand our operations in India”.
The startup provides medicine, healthcare products, beauty care, wellness, personal care and household consumer goods products and is supported by a network of physical counselling and service centres called “Healthbuddies".
For the financial year 2019, the company posted consolidated revenue of Rs 218.53 crore against Rs 159.34 crore in the previous fiscal. Loss during the same fiscal was at Rs 38.35 crore.
(Edited by Saheli Sen Gupta)