The two E-health Companies Medlife and Pharmeasy have agreed for the merger which will value the stake of Medlife shareholders for about $200 million
Holdings
As per the CCI filing, PharmEasy looks to acquire 100 percent equity shares of Medlife. Medlife and its promoters will get 19.59 percent of the equity share capital of PharmEasy’s parent company API Holdings, while PharmEasy holds the remaining 80 percent stake.
Covid impact
The COVID-19 pandemic has boosted the e-pharmacy space. Although mergers- expected for a while- are finally happening, these companies are also seeing orders surge as much as 50 percent in the last few months, and are seeing many more first time customers.
Pharmeasy’s Foundation and fundings
Founded in 2015 by Dharmil Sheth, Dhaval Shah and Mikhil Innani, Mumbai-based Pharmeasy has had seven funding rounds so far, with the latest being their Series D funding round of $220 million led by Temasek.
Pharmeasy’s investors include Eight Roads Ventures, Bessemer Venture Partners, Nandan Nilekani-backed Fundamentum and LGT. So far, Pharmeasy has raised $328.5 million. Pharmeasy offers medicines, healthcare products as well as diagnostic tests.
Medlife’s Foundation and fundings
In 2019, Medlife raised Rs 110 crore debt financing from Wilson Global Opportunities Fund. In April 2019, Medlife got Rs 118 crore in an equity funding round from Founder Tushar Kumar’s family trust, Prasid Uno Family Trust.
Medlife earlier acquired medicine delivery startup Myra and diagnostics company Medlabz.
Funding:
In 2019, Medlife raised Rs 110 crore debt financing from Wilson Global Opportunities Fund. In April 2019, Medlife got Rs 118 crore in an equity funding round from Founder Tushar Kumar’s family trust, Prasid Uno Family Trust.
Market Leader
According to 2019 report by Frost and Sullivan, Medlife led the market with a 30% market share of the total e-pharmacy market in India.
