Online medical store PharmEasy has raised nearly $350 million ahead of filing their draft red herring prospectus (DRHP), a report in The Economic Times said - citing regulatory documents and people aware of the matter.
The company closed nearly $204 million (more than Rs 1,505 crore) in primary funding 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, it added citing documents.
Nearly 20 senior employees bought shares worth $5 million as part of the secondary sale while early investors sold their stakes in the firm and IIFL’s tech fund has picked up some stake, it added.
API Holdings Ltd (API), the parent company of PharmEasy has also raised $130-$140 million through secondary share sale, taking its post-money valuation to $5.6 billion, the report added. PharmEasy’s valuation crossed $4 billion after acquiring majority stake in Thyrocare Technologies in June.
PharmEasy valued Thyrocare at 13.9x of FY21 earnings, 40x of EBITDA and 60x of profit.
PharmEasy was founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah. The online pharmacy has managed to pull a second big deal in less than a year after merging with smaller rival Medlife.
According to its Linkedin page, Pharmeasy delivers medicines and healthcare products in 1,000+ cities in India, covering 22,000+ pin codes. It offers diagnostic test services across Mumbai including Thane, Navi Mumbai, Kalyan & Dombivali, Delhi with Noida, Gurgaon, Faridabad & Ghaziabad, Chennai, Pune, Ahmedabad, and Gandhi Nagar, Surat, Vadodara, Lucknow, Kolkata, Hyderabad, Bengaluru, and Jaipur.
The Indian retail pharmacy segment is estimated to be worth $18 billion and is expected to touch $50 billion by 2025, data from the Department of Industrial Policy and Promotion revealed.