India Roundup: Flipkart acquires e-pharmacy SastaSundar, and more

Flipkart buys majority stake in medicines marketplace SastaSundar

• With the acquisition, Flipkart will launch a new entity called Flipkart Health, which will leverage the ecommerce giant’s massive reach in India and SastaSundar’s experience in the healthtech sector.
• The size of the deal remained undisclosed. But in May, SastaSundar pegged its valuation at US$100 million, according to The Economic Times.
• The development comes after online pharmacy major PharmEasy filed documents with the Securities and Exchange Board of India for a US$934 million listing.

PhonePe launches ESOP buyback worth US$18.1 million

• With the employee stock ownership plan buyback, the startup’s top executives can choose to divest 10% of their vested stock, while the rest of its employees have the option to sell up to 25%.
• Around 75% of PhonePe’s current employees are eligible for the offer, according to the company’s head of human resources.
• PhonePe founders Sameer Nigam and Rahul Chari have chosen not to participate in the buyback offer.