PharmEasy Raises $ 350 Million Before IPO; Company valued at 5.6 billion dollars
By Malvika Gurung
Investing.com – Online pharmacy startup PharmEasy reportedly closed a fundraising round worth around Rs 2,600 crore or $ 350 million before filing its DRHP, ahead of the startup’s IPO.
According to documents filed by the Ministry of Commercial Affairs (MCA), the pharmaceutical company has managed to raise around 204 million dollars, or more than 1,505 crore rupees thanks to the primary funding of nearly 15 revered investors, including Amansa Capital, Neuberger Berman, hedge the Janus Henderson fund, the ADQ patrimonial fund, SARV Investments and Steadview, among others.
In addition, according to a report from ET, PharmEasy’s parent company API Holdings has raised nearly $ 130 million to $ 140 million through the sale of secondary shares, in which around 20 senior employees of the company are known to have bought shares worth $ 5 million.
In the same sale of secondary shares, the founders of the company: Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah, bought the shares of Pharmeasy for $ 40 million.
In April, the online pharmacy startup entered the Indian Unicorn Club with a valuation of $ 1.5 billion.
In June of this year, the company acquired Navi Mumbai-based diagnostic and preventative care laboratory chain Thyrocare Technologies, bringing PharmEasy’s valuation to $ 4 billion.
After the last round of funding, the current valuation of the pharmacy startup has jumped to $ 5.6 billion.