Indian online healthcare delivery startup PharmEasy acquires rival Medlife

Details:

• Following the acquisition, Medlife will discontinue its operations and will merge with PharmEasy, which will take in the former’s customers and retail partners onto its healthtech platform.
• The deal also gives the shareholders of Medlife a 19.59% stake in PharmEasy, valuing the startup’s parent firm, API Holdings, at US$240 million.

Context:

• According to PharmEasy, the acquisition – which it says marks the largest consolidation in the online pharmacy space in India – will make the firm the largest healthcare delivery platform in the country.
• Earlier this month, Prosus Ventures and US-based private equity firm TPG Growth led an investment of US$350 million in API Holdings, pushing the company to unicorn status with a valuation of US$1.5 billion.