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 

Advertisement. Scroll to continue reading.

Written By

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

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

Views

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

News

The industry's growth is being weighed down by taxation and legal uncertainty.

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

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

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...

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...

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