Japanese business conglomerate Mitsubishi Corporation has signed an agreement to invest Rs 100 crore in homegrown digital healthcare platform SastaSundar.

The investment will be in the form of a minority stake in SastaSundar Healthbuddy Ltd, a subsidiary of SastaSundar Ventures, which would be used to fund expansion. Mitsubishi will subscribe to 30,41,300 shares of face value Rs 10 for an aggregate consideration of Rs 100 crore.

The company said in a statement to the stock exchanges that this investment follows recent capital raising of Rs 70.49 crore from Japanese firm Rohto Pharmaceuticals and SastaSundar Ventures Ltd.

In 2017, Rohto had acquired 13.23 per cent share capital of SastaSundar Healthbuddy at an investment of Rs 32.17 crore following which the company had expanded operations in the National Capital Region. It is also present in New Delhi, Uttar Pradesh and Haryana.

“The global experience of Mitsubishi Corporation will help us to scale our business and there is a match of mission of social objective behind business,” said the company’s founder and executive chairman B. L. Mittal.

He added that the current round of funding will be utilised to expand the company’s presence across the country.

“The partnership will help us connect global resources with local care,” said Ravi Kant Sharma, founder and CEO of SastaSundar.

Besides being an online platform for providing medicine and healthcare products, the company offers products relating to beauty care, wellness, personal care and household consumer goods products and operates a network of over 200 physical stores across Bengal.

For the fiscal ender March 31, 2019 the company had posted consolidated revenue of Rs 218.53 crore against Rs 159.34 crore in the previous fiscal. Net loss during the year however widened to Rs 38.35 crore against Rs 11.88 crore in the previous year.