B Capital picks minority stake in Indian online pharmacy PharmEasy: Report

Facebook cofounder Eduardo Saverin’s B Capital has acquired a minority stake worth $20 million in online pharmacy PharmEasy through a secondary transaction, The Economic Times reported.

B Capital bought these shares (equivalent to 2% stake) from Everstone Capital, which has made a partial exit from the company. The latest transaction has valued PharmEasy at $1.8 billion, up from $1.5 billion in April, the report said.

The development comes as PharmEasy’s parent API Holdings is also finalising a $20-million infusion from New York-based investment firm Tiger Global.

“[The] B Capital transaction is complete after Everstone Capital exited partially. For Tiger Global, only some paperwork is getting finished and should be completed soon,” the report said quoting sources.

PharmEasy had attained unicorn status in April this year after raising $350 million in a Series E funding round led by Prosus Ventures and TPG Growth.

PharmEasy is also planning to list on the bourses by launching an initial public offer (IPO) worth Rs3,000-3,700 crore. According to a recent Mint report, the company has also hired JM Financial and Kotak Investment Banking to execute the proposed IPO.  The proposed offering is likely to value the company at around $3 billion.

Last month, the company had also acquired smaller rival Medlife, marking one of the largest consolidation deals in the Indian online pharmacy space.

 

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.