wordpress blog stats
Connect with us

Hi, what are you looking for?

Pharmeasy raises $350 million from Prosus Ventures, TPG Growth: Report

Prosus Ventures and TPG Growth are leading an investment of $350 million (~Rs 2,570 crore) in API Holdings, the parent company of online pharmacy Pharmeasy, reported the Economic Times. The deal reportedly values Pharmeasy at $1.5 billion, making API Holdings the latest unicorn in India. The deal also saw participation from existing investors Temasek, CDPQ, LFT Lightrock, Eight Roads, and Think Investments, and will be a mix of primary and secondary capital. API Holdings reportedly said $323 million in funding had already been received and another $27 million would soon be closed. The company will reportedly use the fresh funds to expand the pharmacies it works with from 80,000 to 120,000 in the next 12 months. It wants to expand the number to 200,000 in the two years thereafter and be present in 100 cities. API Holdings had also acquired smaller online pharmacy Medlife in exchange for a 19.59% stake in the company last year. As for the larger online pharmacy industry, Reliance Industries Ltd. has acquired a majority stake in Chennai-based Netmeds. Tata Group is reportedly looking at acquiring a majority stake in 1 mg. Read more  Canadian pension fund gets CCI nod for stake in PharmEasy's parent Reliance Retail buys NetMeds, acquires majority stake in parent firm for ₹620 crore

Please subscribe/login to read the full story.
Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

Free Reads

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

News

The newly launched partially open-sourced LLM Grok-1 can be commercially used but not trademarked.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ