SoftBank is now planning to make its way into one of India’s largest online pharmacy chain PharmEasy. The company is in discussions with API Holdings Pvt, that owns PharmEasy, for an investment. SoftBank could pump in $150-200 million into the online pharmacy owner.
API is seeking a valuation of at least $5.6 billion in the new funding round, a person in the know told Bloomberg. The company also plans to reach out to other potential investors for the funding round. API is targeting a listing in the next 12-18 months, the source said.
API Holdings is aiming to tap the market days after it finished a fundraising round. In the series F round, the company raised $500 million that valued the firm at nearly $4 billion, according to co-founder and Chief Executive Officer Siddharth Shah.
The online pharmacy chain delivers everything from medicine and diagnostic kits to health care products. It has served over 5 million families and completed more than 15 million orders, according to the website.
It seeks to bolster its online presence. The company had recently acquired a majority stake in diagnostic and preventive care laboratories chain Thyrocare for Rs 4,546 crore. That is the first-ever acquisition of a listed company by an unicorn. The combined entity will have the ability to provide diagnostics and pharmacy services to over 100 million Indians within 24 hours, Pharmeasy said in a statement.
API will acquire 66.1 per cent stake in Thyrocare from Chairman and Managing Director of Thyrocare Technologies A Velumani and his affiliates for Rs 1,300 per share.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today