Online pharmacy startup PharmEasy has reportedly raised $350 million or about ₹2,600 crore ahead of its initial public offering (IPO).
The company is said to be underway to file its draft red herring prospectus (DRHP) soon in order to flag off the public issue.
Increase in API holdings
PharmEasy’s parent company API Holdings has raised about ₹1,505 crore ($200 million) from 15 marquee investors — including Steadview, Amansa Investments, SARV Investments, Neuberger Berman Emerging Markets Equity Funds and others.
Economic Times (ET) report, citing sources, highlighted that the company has raised another $130-140 million (upto ₹1050 crore) in a secondary issue, which offered exits to early backers of the company.
Nearly 20 senior employees have bought shares worth $5 million as a part of the secondary share sale, the report added.
Early investors and angel investors have sold their stakes in the firm, while IIFL’s tech fund has also picked up shares, the sources added.
PharmEasy founders, too, have bought shares worth around $40 million in the secondary sale, people briefed on the matter said.
About Company
The online pharmacy startup, founded in 2014, caters to the chronic care segment and offers a range of services such as teleconsultation, medicine deliveries, and sample collections for diagnostic tests.
It also operates a business-to-business (B2B) pharma marketplace with over 6,000 consultation clinics with 90,000 partner retailers pan India.
Earlier this year, PharmEasy acquired publicly listed Thyrocare, which is a chain of diagnostic and preventive care laboratories. Thai acquisition opened up the doors for API Holding’s public listing.
Press the 🔔 icon for all new updates
