Investment majors B Capital and Tiger Global are in talks to pick up a stake in the online pharmacy chain PharmEasy.
The deal is expected to value the e-pharmacy's IPO-bound parent company API Holdings at around $1.8 billion, the Economic Times report.
The company had last raised $350 million in a round led by Prosus Ventures and TPG Growth at a $1.5 billion valuation, making it the seventh unicorn to emerge from India this year.
Tiger Global is likely to pump in primary capital in PharmEasy, while B Capital may pick up secondary shares by investing about $15-20 million, people in the know told the newspaper.
"Everstone is looking to sell parts of its holding and B Capital is likely to pick that, though (Everstone) had also spoken to few others as well," the report said.
Moneycontrol could not independently verify the report.
PharmEasy, which recently acquired smaller rival Medlife, is backed by marquee investors like Prosus Ventures (previously Naspers Ventures), TPG Growth, Temasek, LGT Rightrocks, Eight Roads and Think Investments.
Meanwhile, API Holdings is looking to go pubic and launch an initial public offering (IPO) in FY22 to raise up to $1.2 billion. "Pharmeasy has shortlisted investment banks Morgan Stanley and Kotak Mahindra Capital as advisors earlier this week. More i-banks may come on board at a later stage,” sources had told Moneycontrol.
Amid the pandemic and lockdown, India has witnessed a surge in demand for COVID-19 related products, medicines and supplements which has benefited pharmacy players, especially those with online offerings.
According to its Linkedin page, PharmEasy delivers medicines and healthcare products in 1,000+ cities in India, covering 22,000+ pin codes.