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PharmEasy acquired Aknamed at $144 Mn valuation; co-founders exit

Sourav by Sourav
October 7, 2021
in News
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Pharmeasy and Aknamed

The healthcare delivery platform PharmEasy has acquired a ruling stake in Bengaluru-based cloud supply chain startup Aknamed. This is another acquisition for PharmEasy in 2021. In June, they had acquired a 66.1% stake in listed diagnostics firm Thyrocare for Rs 4,546 crore.

Aknamed confirmed the allocation of 975,937 equity shares at Rs 3,155 crore to API Holdings to close to $42 million from the parent organization of PharmEasy, as showed in regulatory filings.

This Monday, PharmEasy also declared that they had appointed five fresh independent directors including Subramanian Somasundaram, the former CFO of Titan, and Ramakant Sharma, founder and COO of Livespace to its cabinet. Now they have 12 members on their board.

In the secondary deal, PharmEasy has spent around Rs 380 crore to acquire stakes of five co-founders- Saurabh Pandey, Mahadevan Narayanmoni, Mayank Kapoor, Varun Vohra, Shaunak Joshi and around Rs 21 crore ($2.8 million) to acquire stakes of angels.

Aknamed is a 3-year old startup concentrating on hospital supply using its cloud-based supply chain software. This platform allows hospitals, nursing homes, and clinics to follow commodity movement and consumption. During their second year of the process, Aknamed saw its revenue-raising by 17.8X to around Rs 23 crore during FY20 while posting a loss of Rs 3.4 crore.

Meantime, PharmEasy is also looking for a $200-million primary and $100 million secondary funding round. According to an ET report, the deal may value the company at around $6 billion. PharmEasy had raised $300 million in June and has scooped up around $650 million in the ongoing fiscal year. The Tiger Global-backed company was valued at $4.2 billion during the latest tranche and is eyeing an IPO at a valuation of $9-10 billion.

Tags: AknamedPharmEasy
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Sourav

Excellent story-teller, with a background in SEO and Digital Marketing. Likes to write and give form to opinion and incidents.

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