PharmEasy has raised $350 million or about ₹2,600 crores ahead of its initial public offering (IPO). The company is underway to file its draft red herring prospectus (DRHP) soon in order to flag off the public issue.
The company raised nearly $204 million (more than Rs 1,505 crore) in primary funding from Singapore’s Amansa Capital, Blackstone-backed hedge fund ApaH Capital, US hedge fund Janus Henderson, OrbiMed, Steadview Capital, Abu Dhabi’s sovereign wealth fund ADQ, hedge fund Neuberger Berman and London’s Sanne Group, it added citing documents.
The 20 senior employees who bought shares worth $5 million as part of the secondary sale while early investors sold their stakes in the firm and IIFL’s tech fund has picked up some stake, it said.API Holdings Ltd (API), the parent company of PharmEasy has also raised $130-$140 million through a secondary share sale, taking its post-money valuation to $5.6 billion, the report added.
Based in Mumbai, Founded in the year 2015 by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia, and Siddharth Shah —PharmEasy is a pharmacy made easy! Started with the sole purpose of making healthcare accessible and affordable to all with the highest savings in the shortest time possible.
Delivering Medicines in 1000+ cities in India, covering 22000+ pin codes and diagnostic test services across Mumbai including Thane, Navi Mumbai, Kalyan & Dombivali, Delhi with Noida, Gurgaon, Faridabad & Ghaziabad, Chennai, Pune, Ahmedabad, and Gandhi Nagar, Surat, Vadodara, Lucknow, Kolkata, Hyderabad, Bengaluru, and Jaipur.