Online medical store PharmEasy has raised around $350 million ahead of filing their draft red herring prospectus (DRHP), a report in media said – citing regulatory documents and people aware of the matter.
The company settled 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 continued citing documents.
Approximately 20 senior employees purchased shares worth $5 million as part of the secondary sale. At the same time, initial investors sold their stakes in the company, and IIFL’s tech fund has chosen some stake, the report stated.
The statement further added that API Holdings Ltd (API), the parent organisation of PharmEasy, raised $130-$140 million through a secondary share sale, taking its post-money valuation to $5.6 billion. PharmEasy’s valuation passed $4 billion after obtaining a 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 established by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah. The online pharmacy has succeeded to pull a second big deal in less than a year after joining with smaller rival Medlife.
According to its Linkedin page, Pharmeasy delivers medicines and healthcare products in 1,000+ cities in India, including 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.