PharmEasy Raises $350 Million Before IPO; Company Valued at $5.6 Billion

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PharmEasy Raises $350 Million Before IPO; Company Valued at $5.6 Billion

By Malvika Gurung

Investing.com --The online pharmacy startup PharmEasy has reportedly closed a funding round worth about Rs 2,600 crore or $350 million before filing its DRHP, ahead of the startup’s IPO listing.

As per the filings by the Ministry of Corporate Affairs (MCA), the pharmacy company has managed to raise around $204 million, i.e. over Rs 1,505 crore through primary fundings from nearly 15 revered investors, some of which include Amansa Capital, Neuberger Berman, hedge fund Janus Henderson, wealth fund ADQ, SARV Investments and Steadview, among others.

Furthermore, as per a report by ET, PharmEasy’s parent company API Holdings has raised nearly $130-$140 million via secondary share sale, in which about 20 senior employees of the company are known to have purchased shares worth $5 million.

In the same secondary share sale, the company’s founders: Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia, and Siddharth Shah, purchased Pharmeasy’s shares in the volume of $40 million.

In April, the online pharmacy startup entered India’s unicorn club with a valuation of $1.5 billion. 

In June this year, the company acquired the Navi Mumbai-based chain of diagnostic and preventive care laboratories Thyrocare Technologies, which pushed PharmEasy’s valuation to $4 billion.

After the latest funding round, the pharmacy startup’s current valuation has jumped up to $5.6 billion.

 

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