Online medicine delivery platform PharmEasy has secured USD 300 million from its existing investors. A major portion of the new investment will be used to fund its ongoing acquisition of diagnostics chain Thyrocare. The Economic Times reported.
Kotak Group’s private equity arm joined in this round of funding along with US private equity major TPG, Singapore’s Temasek, Facebook cofounder Eduardo Saverin’s B Capital, Prosus (previously Naspers) and Think Investments, the ET report says.
On Friday, API Holdings Ltd (API), the parent company of PharmEasy , API Holding announced the “signing of definitive documents to acquire 66.1 percent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share aggregating to INR 4,546 crore”.
Just about two weeks ago, PharmEasy was valued at $1.8 billion after after B Capital bought minority stake in API Holdings . The platform’s valuations has soared to $4 billion post Thyrocare acquisition.
PharmEasy’s parent API Holdings has been beefing up its portfolio. Medlife buy makes PharmEasy India’s largest medicine delivery platform. The healthcare delivery platform caters to more than two million families every single month.
API Holdings has been beefing up its portfolio. Medlife buy makes PharmEasy India’s largest medicine delivery platform. The healthcare delivery platform caters to more than two million families every single month.
PharmEasy currently works with around 80,000 pharmacies and intends to expand that to 1,20,000 outlets across 100 cities by the end of 2021, the company said. Former banker Aditya Puri recently joined the board of the company to help scale up the company’s businesses.