SoftBank in discussions to invest in PharmEasy parent API Holdings
SoftBank Group is reportedly in discussions to invest in API Holdings which owns PharmEasy, the country’s largest online pharmacy chain.
According to a Bloomberg report, API is seeking a valuation of $5.6 billion in the funding round and the Japanese conglomerate could invest up to $200 million. The report added that API Holdings may also approach other investors.
PharmEasy was recently in the news when it announced the acquisition of Thyrocare Technologies Ltd (Thyrocare) for Rs 4,546 crore.
API Holdings will acquire a 66.1 per cent stake in Thyrocare from A Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore. The acquisition will be done by Docon Technologies Pvt Ltd, a 100 per cent subsidiary of API.
Docon will also make an open offer for an additional 26 per cent stake at the same price for a consideration of Rs 1,788 crore if the offer is fully accepted.
Earlier, PharmEasy had completed the acquisition of Medlife to become the largest healthcare delivery platform in India.
PharmEasy, founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah, is also present in the B2B pharma marketplace and in consultations.
The company has a base of 12 million plus consumers, a network of more than 6,000 digital consultation clinics and 90,000 partner retailers across the country. It currently serves over one million patients for their pharmacy and diagnostics needs and issues over one million digital prescriptions on a monthly basis.
Recently, Tata Digital Ltd, a wholly-owned arm of Tata Sons had announced that it will acquire a majority stake in 1MG Technologies Ltd, the online healthcare marketplace, days after the company said it will invest $75 million in fitness-focused Curefit Healthcare for an undisclosed stake.