Online Pharmacy & healthcare Startup PharmEasy’s parent company API Holdings has raised about a whopping $350 million.
The company has raised about ₹1,505 crores from Singapore’s Amansa Capital, Blackstone-backed hedge fund ApaH Capital, US hedge fund Janus Henderson, OrbiMed, Steadview Capital, Abu Dhabi’s sovereign wealth fund ADQ, hedge fund Neuberger Berman and London’s Sanne Group.
Another $100-150 million dollars has been raised through early backers of the company when they exited from the company. After raising the whopping amount, the company is now valued at $5.6 Billion according to a report published in Economic Times.
According to the sources, PharmEasy’s founders – Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia, and Siddharth Shah have also bought shares worth $40 million in this funding round.
Not only founders but about 20 of the senior employees of the company have also bought shares worth $5 million, through the secondary sale.
The report said that a person who knows what the company might be doing now is that now they might be aiming to file DRHP this month still or around Diwali since the funding round has now closed.
The company is expecting to raise $1.2 Billion through its IPO.
Recently in September, PharmEasy acquired cloud-based hospital supply chain management startup Aknamed in a $180-$190 million stock deal.
PharmEasy was founded in 2014, company is now strengthening its position in the healthcare industry using its various services like recently it acquired it’s one of the competitors in medicine deliveries, Medlife to become India’s largest e-pharma company.
Earlier, Medlife and PharmEasy held about 60-70 percent market share in the industry but now as Medlife is acquired by PharmEasy, it has now a complete monopoly in the sector.
PharmEasy also provides services such as teleconsultation, and sample collections for diagnostic tests.
Other acquisition of PharmEasy includes Thyrocare Technologies which is providing quality at affordable costs to laboratories and hospitals in India and other countries.
Besides this PharmEasy is also B2B pharma marketplace operating with over 6,000 consultation clinics across the country.
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