India: PharmEasy enters unicorn club with $350m Series E round

Photographer: Krisztian Bocsi/Bloomberg

API Holdings, the parent company of online pharmacy PharmEasy, has raised $350 million in a Series E funding round led by Prosus Ventures and TPG Growth.

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.

 

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.