India Digest: PharmEasy buys Aknamed; Suumaya acquires stake in Nysaa Retail

Photo: Reuters

PharmEasy has acquired a majority stake in cloud-based hospital supply chain management startup Aknamed. Separately, Suumaya Industries Ltd has acquired a minority stake in the value retail chain startup Nysaa Retail.

PharmEasy acquires Aknamed

IPO-bound online pharmacy PharmEasy has acquired a majority stake in cloud-based hospital supply chain management startup Aknamed in a mix of primary and secondary deal, Entrackr reported.

The transaction has been concluded at an enterprise valuation of Rs 1,060 crore or $144 million.

Aknamed has approved the allotment of 975,937 equity shares at an issue price of Rs 3,155.94 to API Holdings to raise Rs 308 crore or close to $42 million, the report said citing the company’s latest regulatory filings. API Holdings is the parent company of PharmEasy.

As part of the transaction, the company has bought out the stake of five promoters (co-founders) who together owned a 50.67% stake in Aknamed. Post the transaction, Aknamed will become a subsidiary of API Holdings.

Aknamed was founded by Saurabh Pandey and Mahadevan Narayanmoni in 2018. Earlier this year, Aknamed acquired Vardhman Health Specialities for $35 million to expand its operations.

Suumaya buys stake in Nysaa Retail

Suumaya Industries Ltd., through its fully-owned subsidiary Suumaya Retail Ltd., has acquired a minority stake in the value retail chain startup Nysaa Retail Private Limited, which operates stores under the brand name 1-India Family Mart.

Private equity firm Carpediem Capital is an investor in 1-India Family Mart.

The investment will enable Suumaya Industries to strengthen its foothold in the women’s ethnic wear segment in the smaller towns along with value retailing of men’s and kid’s wear in BCD towns or rural India, the companies said in a joint statement.

By gaining access to 100+ retail stores of 1-India Family Mart, the strategic partnership will help Suumaya increase its geographical footprint in tier-2, tier-3 and tier-4 towns in India.

Besides, Suumaya Industries will also help 1-India Family Mart in developing its own private label in the women’s apparel category.

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.

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.