Mitsubishi injects 1 bil. rupeesin Indian healthcare venture SastaSundar Healthbuddy
NEW DELHI, NNA - Japanese trading house Mitsubishi Corp. will invest 1 billion rupees ($13.97 million) in India’s healthcare venture SastaSundar Healthbuddy Ltd. hoping to help expand the Kolkata-based online and franchise business.
Mitsubishi and SastaSundar signed an agreement on the investment, the Indian firm’s parent, Sastasundar Ventures Ltd., said in a statement on Monday.
A Mitsubishi spokesman in Tokyo confirmed the deal but declined to comment on when the transaction will be completed. “We want to contribute to the improvement of health in India through SastaSundar’s efforts to streamline the distribution of medical goods and its services in preventive medicine and other areas,”he said.
SastaSundar, founded in 2013 with its headquarters in Kolkata in the state of West Bengal, has pursued a business model combining online sales of medical goods with providing services through franchised pharmacies that do not keep drugs in stock. It also provides medical services including counseling and health checks at home. In drug sales, it prides itself on guaranteeing 100 percent genuine products and conducting delivery services.
The healthcare venture recently procured $5 million from Japan’s Rohto Pharmaceutical Co. under a capital alliance agreement signed in 2017.