The financing, which involves a mix of primary and secondary transactions, saw the participation of existing investors including Temasek, CDPQ, LGT Lightrock, Eight Roads & Think Investments, API Holdings said in a statement.
While the company did not disclose PharmEasy’s valuation in the latest round, some media reports have pegged it at $1.5 billion, which makes it the seventh startup to enter the unicorn club this year after Digit Insurance, InnovAccer, Infra.market, Five Star Finance, Meesho, and CRED.
API Holdings will utilise the funding proceeds to deepen its relationships and expand its reach to over 100,000 pharmacies in the next 12 months.
API Holdings, through its platforms, claims to connect over 60,000 brick and mortar pharmacies and 4,000 doctors in 16,000 pin codes across India. The platforms also provide SaaS solutions for pharmacies to use in procurement combined with delivery and logistics support, and credit solutions.
The deals in the online pharmaceuticals sector have picked pace in the past few months especially with entry of likes of Reliance Industries, and Amazon in the space.
Last December, Reuters reported that Amazon.com Inc is considering a nearly $100-million investment in India’s pharmacy chain Apollo Pharmacy. US tech giant Amazon launched its first Indian online pharmacy service in August last year while Tata Group was reportedly in talks to pick up a majority stake in e-pharmacy firm 1mg.
Last August, Reliance Industries (RIL) had also acquired a 60% stake in online pharmacy retailer Netmeds for Rs 620 crore.