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Deepti Sri · · 1 min readPharmEasy’s parent company to enter India’s unicorn club with $350m fundraise
“Prosus Ventures and US-based private equity firm TPG Growth are leading an investment of US$350 million (about 25.7 billion rupees) in API Holdings, the parent company of Mumbai-based online pharmacy PharmEasy,” The Economic Times reported.
Details:
- PharmEasy’s parent firm API Holdings will hit a valuation of US$1.5 billion after the transaction, pushing the company into unicorn territory.
- Investors including Temasek, CDPQ, LGT Lightrock, Eight Roads, and Think Investments also participated in the funding round, with the funds set to be used to expand its network of pharmacies from 80,000 to 120,000 within the next 12 months.
Context:
- API Holdings would become the latest unicorn in India’s startup ecosystem this year, following companies such as insurtech firm Digit, healthtech startup Innovaccer, and online construction marketplace Infra Market.
- In February, it was reported that Prosus Ventures, previously known as Naspers Ventures, will hold a double-digit stake in API Holdings, while TPG Capital will acquire a 7% share in the firm as part of a larger round.
Editing by Miguel Cordon and September Grace Mahino
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